A large portion of Britons are saving much more than they spend. On average, for every dollar saved, they are only spending 10 cents. They are still borrowing on credit cards and loans, but they are saving at much higher rates than they are incurring debts.
Last year they were in a much lower savings bracket overall. Last years figures show that for every $1 saved, 52 cents was spent, making it a much higher debt ratio. With the country in a period of economic uncertainty, most people have decided to get smart with their money and create themselves a nest-egg of sorts – this way they have less to worry about with their futures.
But this is still good news, as the amount of debt was slowly increasing, while savings was steadily decreasing. These new figures show that more people have decided to take charge of their lives instead of racking up debt they will not be able to pay off. ■
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