Could savings accounts help thrifty Brits?

By Mark Warner

 Savings accounts might be one way to help Britons make their money go further as research has revealed that many are relying on deals and bargains to get by.

The study, conducted by Halifax, found that 42 per cent of those surveyed rely on bargains because money is tighter. As a result, the country is saving around £51 billion a year by economising in this way.

Indeed, 90 per cent of people turn to money-off vouchers, special deals and freebies, with the average adult saving around £1,196 a year in this way. Some of this cash could then be put towards a savings account in order to make things easier in the future.

The main area in which people look for savings is meals, with 53 per cent keen to save on restaurants, take-aways and fast food.

Lindsay Forster, director for Halifax Home Insurance, commented: “The recent downturn has made us more careful about what we spend and more savvy in searching for savings and getting a good deal matters.

“People now quite rightly expect a good deal and feel comfortable shopping and even bartering to make sure they get the best price whether for a meal, a flight or even insurance.”