Developments in telecommunications have encouraged Britons to save their money, a new report maintains.
National Savings & Investments' (NS&I) new Century of Saving paper attributes the widespread adoption of savings habits in the UK to technological advancements.
According to NS&I, savings have increased 39-fold over the past 60 years, with a 31 per cent hike in the amount of their pay packets Britons are willing to set aside occurring since 2000.
Dax Harkins, senior savings strategist with the organisation, notes: "Advances in technology, over the last half century such as telephone and internet banking, have made it easier for savers."
He adds that telecommunications will continue to occupy a significant position in the monetary culture of the UK, with the savings ratio boosted by new developments.
UK payments association Apacs recently highlighted that people over the age of 65 are one of the fastest-growing age groups in terms of online banking.
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