Bank Balances Boosted by Careful Saving 
A study has reported that despite the tough economy, careful savers have managed to increase their balances to the highest levels in nearly two years.

The study, which is based on a consumer savings monitor report – which has been running since 2009 – has revealed that tight control over household budgets by squeezed consumers has seen the average bank balance increase by £284 during the first quarter of 2012; which is said to be a record increase.

The monetary increase reported, equates to an eighteen percent rise in savings during the first three quarters of the year, compared with the previous quarter; which is said to take the average balance of savers to just under £2,000.

A spokesperson for the company behind the study, has said: “Our research told us that ordinary Britons saw restoring savings as their top financial priority for 2012, but in the current climate we thought it would be tough for them to deliver on this.

“Six months of relatively restrained spending may not have helped the economy in terms of GDP growth, but it has allowed Britons to deliver on their determination to restore their savings.”

The latest figures, along with showing that careful savers have managed to increase their finances to the highest levels; also show marks the first time there has been two quarterly rises in savings in a row since 2009.

For more information, please visit www.moorethompson.co.uk

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