Britons Save Enough For 167 Rainy Days

Britons are reportedly saving enough to pay for 167 rainy days each, according to a new poll.

A survey of 2,000 people by Birmingham Midshires found that the average Briton has around £7,548 in liquid savings and could support themselves financially with it for around six months.

The building society welcomes the revelation that the average Brit has more than double the recommended amount of three months' salary in their savings accounts (£4,128).

The survey is released as part of Birmingham Midshires' new Saving Britain campaign and indicates that men are saving far more than women; with the average British male having £10,912 in their savings account, compared with £4,443 for women.

Under 30s have the lowest level of liquid savings, averaging £1,468 each, while those aged between 30 and 50 have around £4,192 each in savings accounts and the average over 50 has saved £13,684. Southerners have the highest accessible savings and northerners the lowest.

Jason Robinson, Birmingham Midshires director of savings operations, commented: "For a long time we've been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner. It is encouraging to see that we are taking heed of this message and are actually saving double this amount."

Britain is thought to facing a £27 billion savings gap, as consumer debt soars above £1 trillion and many workers are still failing to save enough for retirement.

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