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Teenagers leading push to save more

People in their late teens are Britain&#39s top savers, expecting to save an average of £189 a month, according to research by Alliance & Leicester.

People in their 20s plan to put away £94 a month and those in their 40s only £87 a month, according to the bank&#39s quarterly wealth tracker index.

But the findings show that while saving more, people are planning to invest less. It says consumers expect to invest just 6 per cent of their disposable income over the next three months compared with 9 per cent in the last three months.

Average savings levels rose by £1 to £112 for the three months to the end of August.

Borrowing is on the decrease, with people expecting to borrow an average of £52 a month in the final quarter of 2002 compared with £67 a month for Q3. The index asks a representative sample of 2,000 people about their monthly disposable income, breaking this amount down into how much they save, spend, invest or supplement through borrowing.

Manager for investments Paula O&#39Reilly says: “It is very encouraging that, in light of Government and industry warnings of a massive savings gap in the UK, Britons are taking note and putting money aside for the future. Even more encouraging is the fact that the younger generation seems to be leading this upturn in savings by putting away on average £189 a month. Levels of investing have dropped considerably in comparison with last year&#39s findings but, given the savings increase, investors who are wary of market volatility are wisely opting for the safety of savings accounts.”

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