Savers Have Seen Some Unexpected Upsides of the Recession

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Despite the recession and interest rates falling to historic lows, more than half (53 per cent) of Brits feel the recession hasn't negatively impacted their savings habits during 2009, with a proportion saving more, according to new research from Barclays.

Despite the recession and interest rates falling to historic lows, more than half (53 per cent) of Brits feel the recession hasn't negatively impacted their savings habits during 2009, with a proportion saving more, according to new research from Barclays.

The research reveals that 37 per cent haven't had their savings habits negatively impacted by the recession and 17 per cent are actually saving more as a result, mainly due to better paid jobs, mortgage payments reducing and not going out as much. Just under a third of people are saving less mainly due to people not having the money and 14 per cent of people are not saving as they don't think it's necessary or are not disciplined enough.

When it comes to age it seems that the recession has spurred younger people on to increase their savings habit more so than any other age group. Over two thirds (67 per cent) of people aged 16 to 24 have not had their savings impacted, with a quarter of these increasing their savings levels as a result. When asked why, it appears that this age group have stepped away from going out as much as being worried about money, and appear to be still embracing the 'staying in is the new going out' culture: this is the highest proportion across all age groups.

Andy Gray, Head of Savings for Barclays said: “This research clearly demonstrates how people have reacted to the recession and perhaps changed their lifestyle in order to boost and/or maintain their savings. The sharp lessons of the recession haven't been lost on people. We're hopeful that this is an enduring change - the beginnings of a lifetime habit that will help see them through further good and bad times - and perhaps the younger generation who have never really experienced a downturn like this before, are being influenced by older members of their family.”

Regional figures reveal attitudes towards savings during the recession in some of the UK's largest towns and cities. Aberdeen, Harrogate and Brighton overall felt least negatively impacted. In fact, around a whopping 70 per cent of respondents in these areas claim either no impact or a positive impact on their savings. This is compared to Colchester and Gloucester where the figure drops to 38 per cent. More than a third of savers in Northampton are saving more as a result of the recession, the highest proportion in the UK.

The full figures per city that felt no impact or a positive effect of the recession on their savings are as follows:

Aberdeen 72%
Harrogate 70%
Brighton 70%
Edinburgh 67%
Lincoln 64%
Leeds 63%
Guildford 62%
Bristol 62%    
Ipswich 61%
Northampton 60%

For more information on Barclays saving products go to http://www.barclays.co.uk.
Barclays Money Skills launched last year has helped young people to get to grips with understanding and managing money in a fun and practical way and the campaign continues focusing amongst the most disadvantaged. For free activity packs visit http://www.pfeg.org/teaching_resources/resources/money_skills1625.html

Barclays is a major global financial services provider engaged in retail banking current accounts and savings accounts, credit cards, corporate banking, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, invests and protects money and provides personal loans, home insurance, life insurance and other services for over 49 million customers and clients worldwide. For further information about Barclays, please visit our website http://www.barclays.co.uk .

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