- Friday, 29 January 2010An increasing number of Brits may need
IVA help, with new research revealing that the average person only holds around £2,000 in savings.
People managed to put away less than £40 during 2009, reports the study by ING Direct, and on average have £2,205 in their savings account - equivalent to 1.7 months of take home pay.
The group states that the figure is only around one tenth of previous estimates for average savings levels, which were stated to be approximately £20,000.
Yet the wealthiest five per cent of the UK population hold around a third of consumer's savings, states the report, which accounts for the higher figure.
Removing this sector of the population from the equation, the typical person had just £2,205 saved, increasing their savings by a mere £38 during 2009.
ING Group chief economist Mark Cliffe told the Telegraph that the findings revealed the "meagre level of readily accessible savings that most people have.
"This leaves them with a very small buffer if they run into trouble," he added.
Meanwhile, the latest Nielsen-British Retail Consortium consumer confidence survey found that more people are choosing to pay off debts in the current economic environment, compared to those who plan to increase their savings.
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