Savings rise but still a quarter put nothing by

Levels of savings are rising, according to a survey from National Savings and Investments (NS&I). Britons are saving on average 7.33 per cent of their income each month, £90 in real terms, up from 7.17 per cent in the previous quarter.

The findings show that women continue to squirrel away more than men, putting away 7.69 per cent of their monthly income. However, men are now saving 7.10 per cent, up from 6.82 per cent in the last quarter. Men though traditionally save more in strict cash terms than women; this quarter saving £102.54 a month, compared to £78.49 by women.

Encouragingly, a higher propensity of savers this quarter feel that they have enough money to cope in an emergency, with 52 per cent now stating they have enough put by, compared to 50 per cent back in spring 2012. But there are still a sizeable proportion who either can't afford to save or who simply choose not too.

"The need to make even the smallest saving is so important and can make a big difference. It is concerning that as many as a quarter of Britons are not saving anything in an average month," said John Prout, customer director at NS&I.