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Payment protection: Average Brit saves £82 per month

The average Brit will set aside £82.92 every month, which represents a decline from this time last year.

These remarks were made by Joanna Parsley, associate director of Credit Action, a national money education charity, who revealed that 12 months ago, people were saving £88.65 every month.

She said: "Given the current economic climate, many realise the importance of saving - it's a useful cushion against unexpected costs and events - but given many consumers have little spare cash each month, the savings culture has taken a back seat in the UK, with many feeling they are not able to save."

Her comments follow a report by HSBC, which predicts that the amount saved or invested each year by households with an income over £100,000 is expected to decline by ten per cent in 2011.

The average amount that will be added to savings pots in 2011 will decline from £20,314 in 2010 to £18,255.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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