Britons "getting back to basics" with money

Monday, April 26th 2010

A trend for saving money to make a purchase rather than getting into debt is beginning to occur in the UK.

This is according to the chief executive officer of ING Direct Johan de Witt, who explains this habit seems to be getting more popular

"People are now getting back to the basics and are determined to rebuild their savings," he states.

At the same time, credit cards are being used less than they were previously.

Mr de Witt's comments follow results from the latest ING Direct Consumer Savings Monitor, which found the average Briton's savings fell by 8.3 per cent in the first quarter of 2010.

They stand at £2,023, but this might be down to people paying back debt from Christmas spending in the first few months of the year, according to Mr de Witt.

And 80 per cent of people thought more could be done by the government to help people save money, it was noted.