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Savings and investments rising, says Datamonitor

UK savings and investment are increasing but the majority of consumers still hold savings in deposit accounts, according to research from Datamonitor.

Its UK Savings & Investments 2001 survey shows that share ownership by consumers has increased in the past five years. Between 1995 to 2000, the UK savings and investment market grew by 9.7 per cent to £1,377bn.

But the majority of household savings are held in deposit accounts. Datamonitor says this means banks and building societies have the potential to dominate the market because of their existing customer base which gives them the opportunity to cross-sell. They also have highstreet presence.

The average UK household held £2,118 in deposits in 2000. The total amount saved in deposit accounts was £552bn in 2000, representing 40 per cent of all household savings and investments.

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