UK resolves to save in New Year

Almost half of Brits have made a New Year’s resolution to save more in 2009, according to research by the Association of British Insurers (ABI).

Forty seven percent of those polled said they have resolved to save more this year, whilst 51% felt that the recession will make them ‘more likely’ to boost their savings.

ABI’s director general Stephen Haddrill said the apparent change in the public’s attitude to saving is ‘good news’.

According to Haddrill, ABI research has found that 13 million Brits - half the UK’s working population - aren’t saving enough towards retirement.

As such, ABI wants the government to step in to encourage savings.

The government has a ‘golden opportunity’ to help people save more as saving is growing in popularity, Haddrill said.

He added that the government should increase the ISA limit from £7,200 to £10,800, and that auto-enrolment for pensions should come in as early as possible.

National Savings and Investments recently said that the New Year is a good time to plan savings.