Earners fight the economic crisis by saving more than ever: Figures reveal the average person puts away £104 every month

Average earner is saving eight per cent of their wages every month

First time the quarterly survey has shown average savings above £100

Figures are surprising given low interest rates and squeeze on living costs

Young savers, aged between 25 and 34, putting away 9% of income a month

Survey found Londoners are saving the most - £142 every month

Saving nation: A survey, released by savings body NS&I, found that the average earner is saving eight per cent of their wages. This is the first time the quarterly survey has shown savings above £100

Despite the squeeze on household budgets, determined savers are putting away more than £100 every month.
The figure marks a highpoint for personal saving, with the average person now saving eight per cent of their income every month.
The findings, released by Treasury-backed savings body NS&I, are striking given the continued rise in living costs coupled with flat-lining wages.
After four years of low interest rates, held at 0.5 per cent by the Bank of England, earners are also offered poor returns on their savings.
But NS&I found that we are setting aside £104 every month, the first time its quarterly survey has produced a figure of more than £100.
The rise is thought to have been driven by younger savers, many of whom are saving in the hope of buying a home.
Savers aged between 25 and 34 are putting away just over 9 per cent of their incomes each month - equivalent to £125 - the highest average since 2010.
Nearly 60 per cent of those surveyed in the age group said that they were saving for their home, whether to pay a mortgage or for home improvements.
The proportion of Britons who are not saving anything has also fallen from one quarter three months ago to one fifth in the latest study.
Londoners were found to be saving the most, at an average of almost 10 per cent of their incomes, or £142 each month.

 

Two-fifths of Londoners said they are saving to have cash for an emergency, while three in ten are saving for retirement. Both of these figures were the highest propensity recorded across Britain.
Meanwhile, savers in Wales are putting the least cash aside, saving £87 or just under 8% of their average income.

Striving: Savers aged between 25 and 34 are putting away just over 9 per cent of their incomes each month - equivalent to £125 - the highest average since 2010

Savers in the South West of England are putting away the least as a proportion of their income, at just over 7 per cent, or £90 a month.
Saving levels in Scotland are at their highest in two years, with Scottish savers putting aside just under 8 per cent of their incomes.
Just over a quarter of Britain's savers (28 per cent) said they set specific savings goals.
More than 2,400 people were surveyed across Britain between January and February.