The majority of Britons appear to be taking steps to safeguard their financial future, new figures show.

According to research conducted by Birmingham Midshires in its quarterly Saving Britain study, some 87 per cent of people surveyed claim to have carried on saving money as normal during the past three months. Meanwhile, more than one in ten (11 per cent) consumers have opened up a savings account during this period of time. As a result, it seems many are putting themselves in a position where they will be able to manage their finances during times of difficulties with money management in later life. Such consistent investment into savings accounts could well see many Britons cope with unexpected demands on their spending such as increased loan repayments or having to get something repaired.

Findings from the financial services firm also revealed that seven per cent of those questioned have decided to not investing into their account during the last three months, as they have taken either all or some of the money that they have saved. Meanwhile, six per cent of respondents claim that although they have stopped putting money into a savings scheme, they have not made any withdrawals. Additionally, the study indicated that six per cent of people have switched savings accounts to a different provider over this period of time. Just over two-thirds of such consumers claim to have done so in an attempt to secure a move competitive rate of interest elsewhere.

Commenting on the figures, Jason Robinson, director of savings operations for Birmingham Midshires, said: “It is encouraging to see that recent market conditions have not dampened Brits’ enthusiasm for saving. Clearly the majority of people are keen to maintain their good habits and save as regularly as they can.”

Out of those who have stopped putting money into savings accounts, just under two-thirds (61 per cent) state that their reason for this was simply because they were unable to afford to do so. Some eight per cent, meanwhile, claim that uncertainty in the wider financial markets – which could include the recent credit crunch impacting on the availability of personal loans – has seen them withhold investing money for later life.

However, many of those who have chosen to take funds out of their accounts appear to be putting the money to good use. Some 16 per cent of people making withdrawals have invested the cash into stocks and shares. Meanwhile, 17 per cent are making overpayments on mortgages or servicing debts acquired through the likes of personal loans, credit cards and overdrafts.

As a result, it is possible that a competitive savings account can help consumers prepare their finances to cope comfortably with any constrains on their spending they may come under when they get older. However, those who are concerned that they are unable to put in as much as they would like may wish to consider taking out a debt consolidation loan to help free up disposable income. Such a loan could help borrowers pay off debts to a number of creditors quickly, so freeing up more money each month to save for the future. Earlier this year, research conducted by NS&I indicated that 47 per cent of Britons become worried about their finances if they exceed their original expenditure. Meanwhile, about a third become anxious if they do not invest as much money into savings accounts as intended. For such people, a consolidation loan could be useful in releasing more disposable cash.

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