Wages are rising, borrowing is decreasing, however British savings as a percentage of income are at historic lows.
In December of 2018, the percentage of disposable income being saved increased to 4.5% - the highest savings level since the end of 2016. While this is an improvement, it is still the joint ninth lowest savings ratio since records began in 1963. Borrowing is decreasing, however this is the ninth consecutive quarter in which households are net borrowers, with each household an average of £15,000 in debt. This calculation was taken from a total of all overdrafts, personal loans, store cards, payday loans, credit cards and student loans.
If you would like to read more on the record low savings, visit the This Is Money website. If you would like more information on how you can start saving, or select the best savings product for you, please get in touch with Charles James Financial Planning, our experienced advisers will be pleased to help.
