Men lead the way on savings

savings growing

savings growingWe could all do with saving a bit of cash in the current economic climate, in order to build up a financial safety net.

And it seems young men in particular have already been bitten by the saving bug, as new research shows they put more cash aside than many of their older counterparts.

The latest NS&I Savings Survey shows that young men, many of them fathers, aged between 25 and 34 save an average monthly sum of £104.

Overall, people in the UK are only managing to save £88 each month on average.

When assessing the inspiration behind people's saving habits, the organisation found that 47% of 25 to 34-year-olds are keen to set cash aside in order to build up a housing deposit. A further 23% feel savings are important to have in case of an emergency.

John Prout, NS&I savings spokesperson, said "We are delighted that so many young people are mature beyond their years and saving responsibly.

"Setting specific targets is a good way to stay motivated, and even if it's only a small amount being set aside each month the savings soon mount up."

To protect your money against the twin threats of low interest rates and high inflation, check out this handy guide to looking after your savings.