Britain has overtaken Germany as the savings champion of Europe, new data has revealed.
Britons have been squirrelling away more money than any of their European counterparts since the pandemic began, according to analysis by savings platform Raisin.
A total of £81billion was stashed away in savings accounts in the first half of 2021 – the highest amount ever saved during a six-month period.
Savings surge: In Britain, deposits have accelerated since the start of the pandemic, with savers increasing their bank balances by 17% between June 2020 and June 2021
Meanwhile, savers from the eurozone are now on average growing their bank balances at a slower pace than they were at the start of the pandemic.
In the UK, savings habits have gathered pace ever since the pandemic began, with savers increasing their balances by 17 per cent between June 2020 and June 2021.
During this time, eurozone savers grew their deposits by 6.5 per cent – almost three times as slow as the UK.
But whilst our European counterparts have cut back on their savings habits, British savers have shown no signs of slowing down even after the easing of Covid-19 restrictions.
Savings in the UK increased by an extra five per cent over the first half of 2021 compared to the same period last year with British savers boosting their balances by £1,237 on average.
In the UK, deposits have grown at an accelerated pace since the start of the Covid-19 pandemic, with savers increasing their bank balances by 17 per cent between June 2020 and June 2021.
In contrast, savers from the …….