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21/12/2010 15:14:47

Levels of savings may continue to decline in 2011

Levels of savings next year will depend on the general economy, it has been claimed.

Adrian Coles, director general of the Building Societies Association, observed people have been withdrawing money rather then saving it.

This, he noted, is because many have opted to repay debts and some individuals are not accumulating cash as they are not seeing much of a return because interest rates are so low.

"If the private sector doesn't step in and create the jobs that some people think it will I don't think we will see an early return to big savings," Mr Coles remarked.

People who are undecided about what to do with their savings may want to invest in a session with a qualified advisor to get advice on what their next step should be.

According to a report from NS&I, individuals have saved less cash this autumn.

This year the average Brit set aside £82.92 per month, which is a drop when compared with the figure from 12 months ago, in which people were saving £88.65.

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