improve as women and the younger generations boost Britain’s savings
NS&I’s latest Quarterly
Savings Survey shows that there has been a turnaround in savings
levels since last quarter, however there is still some way to go
before they return to the levels seen in Winter 2011/12. Britons are
now saving 7.17% of their income each month, £90 in real terms, up
from 7.08% in the previous quarter when savings reached their lowest
level in over a year. It is women and those in their late 20's and
early 30's who are driving this uplift in savings.
20 and 30-something savers (25-34 year-olds) are saving
significantly more than the national average, putting away 8% of
their income each month. This means £103 in real terms, and is a
rise from 7.24% in the previous quarter. Women are also leading the
way when it comes to setting aside savings each month. As a
percentage of income, women are saving 7.65% of their monthly
earnings compared to 6.82% for men. Women are putting away more now
than in the previous quarter (7.36%) as well as more than this time
last year (7.51%).
NS&I’s findings suggest that goals are the key driving factor for
the success of younger savers. 45% of 25-34 year-old savers are
using goals to motivate themselves to put money away each month,
compared to just over a quarter (27%) of British savers. Female
savers aged 25-34 years are proving themselves to be the best goal
setters, with half (50%) using this savings strategy compared to two
fifths (41%) of male savers the same age.
John Prout, NS&I Retail Customer Director said:- “It is
encouraging to see this improvement in savings over recent months,
and it’s particularly good to see such motivation from younger
people. Setting goals is an effective way to get into a regular
savings habit. Not only do they encourage people to stay motivated
to save, they provide a real sense of achievement once a goal has
NS&I’s research also identified pockets of the nation which are
setting a good savings example to the rest of Britain:-
► Scotland is saving above the national average, with Scots setting
aside 7.35% of their income each month, or £95 in real terms.
► Welsh people are putting even more away as a percentage of income,
saving 7.70% each month. This equates to £87 in real terms and is a
significant rise from 4.95% (£57) in the previous quarter and 6.08%
(£75) this time last year.
► Those living in East Anglia are saving 7.74% (£90) of their income
each month, a rise from 5.49% (£68) in the previous quarter.
► Residents of Greater London are also saving above the national
average, putting away an average of 8.24% (£115) of their income
each month, a rise from 7.44% (£106) in the previous quarter.
John Prout, NS&I Retail Customer Director continued:- “While
there are good signs that savings may be on the way up, there is
still a long way to go. One easy way of staying on top of your
savings goals is to manage your money online. This way you can keep
abreast of your finances at a time and place that’s convenient for
Savings ideas including further information on personal finance are
available in the You and your money section on nsandi.com.
NHS staff renew
commitment to quality care
NHS trust staff are renewing their commitment
to providing quality care to patients across Southport, Formby and
West Lancashire. Director of Nursing Liz Yates launched
Southport and Ormskirk Hospital NHS Trust’s quality strategy, Right
first time, every time, at the Trust’s annual general meeting.
Staff treat patients at home, at health centres and clinics, at two
hospitals, and at the North West Spinal Injuries Unit in Southport,
she told the meeting attended by 50 members of the public at
Ormskirk and District General Hospital.
“They fix limbs, they make lives liveable; they celebrate
births, they comfort the dying; they treat cancers, and they get
broken bodies working again. But what they all have in common is
their commitment to a quality experience for every patient they
Right first time, every time describes our approach to reducing
errors, preventing harm and ensuring a positive experience of care
for our patients and staff all of the time,” said Liz.
The strategic quality aims; known as “the Chief Executive’s Big
5”, have been drawn from what is important to patients both
nationally and locally.
Chief Executive Jonathan Parry said:- “Everyone across the
organisation is responsible for delivering quality care safely for
patients. This was recognised by staff themselves when helping the
Board develop the Trust’s values and beliefs earlier this year.
Staff are also encouraged to actively sign up to continuously
improving care. We are introducing, with the support of our staff
side colleagues, Professional Mandatory Standards related to safety,
development and professionalism to which all staff are expected to
Mr Parry also told the annual general meeting that the Trust
delivered its biggest ever saving in 2011/12 of £8.5m and was on
course to deliver a further £6m this year. “These difficult savings challenges are faced by every NHS
organisation. However, as the only local
Trust that is responsible for both hospital and community health
services, I believe we are in a strong position to make the right
decisions about improving patient care while continuing to deliver
the savings government demands.
I know the membership we are growing as we move towards becoming a
foundation trust in 2013 will support and advise us in these
challenging times.” Mr Parry added.