2014 was a top year for saving

More people saved money during 2014 than at any time in the past decade, according to data from the latest National Savings & Investments Quarterly Savings Survey.

Average monthly savings last year rose to £113.77, 9.25% higher than in 2013. This is the highest share of monthly pay to be saved since NS&I began its quarterly savings survey in 2004. It reached its lowest point at 5.82% in spring 2005.

The vast majority, 74% of survey respondents, who put money aside each month said they did so without a goal in mind & simply because they believed it was the right thing to do, the survey found. In addition, almost half of those aged between 25 and 34 and 41% of those aged between 16 and 24 were saving to cover housing costs.

David Connor, Director at Investment Solutions said: 'The news is a welcome surprise to me, particularly with interest rates being as low as they are and not providing an incentive for people to set aside their money.'