Brits saving for rainy days

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A new report indicates that Brits are saving hard for rainy days.

A study by Birmingham Midshires indicates that the average Briton has £7,548 in liquid savings, which should see them though an estimated 167 rainy days.

The impressive figure, which is more than double the recommended three months salary that should be put away in savings accounts, could even be bettered if more savers shopped around for the best deals online.

Jason Robinson, the director of savings operations for Birmingham Midshires, explained that it is encouraging to see that savers are putting away large sums to cope with the many unexpected costs that can crop up.

But he added: "To see this grow even further it is very important to find the best rate of return on their hard earned savings".

Those under the age of 30 were found to have the least set aside in savings account at an average of £1,468, while people in the south of England, excluding London, have the most in liquid assets at an average of £10,199.

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