Brits still saving as much as they can

The number of people saving what they can has risen slightly from 2010, despite 50% admitting they don't have much to save

UK consumers are still saving as much as they can while figures from the Bank of England suggests that they have also been using savings to pay off debt, a report from AA Financial Services shows.

Nearly 70% of those surveyed say they try to save what they can, when they can, which is slightly higher than 65% in 2010. That comes despite 50% saying they ‘don't have much to save' - which is 3% more than this time last year.

The research shows that 60% of people still keep their savings in a ‘high street' bank however an increasing number are looking to non-bank providers, which often offer higher than average savings rates.

People are also increasingly confident about using online savings accounts with almost a quarter saying they operate a savings account from a computer, compared with just 13% last year.

Mark Huggins, director of AA Financial Services, says: "Our findings suggest that while people are worried about taking on debt and are trying to reduce it, they are also still doing their best to maintain a savings habit."

"Despite that, a third of respondents who do have savings admit they have no idea what interest rate they are earning. A quarter said that they never even check how much their savings earn."