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People 'saveaholics', report shows

One in five British savers are "saveaholics", according to new poll.

And women are more likely to be addicted to putting money aside, with 22% of female savers saying they feel compelled to hoard their cash, compared with 18% of men.

According to the poll commissioned by National Savings & Investments, nearly half of Britons are regular savers.

About 48% of people saved money on a regular basis during the three months to the end of August, up from 46% during the previous three months.

At the same time, the average amount being saved across the whole population rose to £81.43 a month, compared with £77.55 in the previous quarter.

The amount people put aside increases to an average of £173.73 a month once those who are not saving are excluded from the figures.

NS&I said that the main reason people give for saving has also changed.

Of those questioned, 42% said they are saving for an emergency, rather than saving for a holiday or their retirement, which had previously been the most popular aim.

Just under half of people said they worry if they waste money or overspend, and 42% do not like having to dip into their savings to fund an unplanned purchase when they have been setting money aside for something else.

One in 10 people even said they have not bought presents for people in the past in order to boost their savings, while 8% said they avoid dipping into their coffers to buy rounds of drinks when they are out.

Just over a quarter of people also said they are obsessive about shopping around to get the best deal on a purchase.

Dax Harkins, senior savings strategist at NS&I, said: "This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny.

"Even a small effort to save can be rewarding. Savers should review the small steps they can take to cut back on spending to make saving sustainable."

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