n the face of rising constraints in the financial markets, Britons appear to be evermore prepared to take steps to safeguard their spending.

Such is the claim of Birmingham Midshires, following the release of figures from the financial services provider revealing that consumers are putting an increasing amount of money into savings accounts. According to the firm, the typical person deposited some 938 pounds into a savings vehicle during the last three months. Such a figure represents a rise from the 910 pounds which was put away during the same period in 2007.

Overall, more than three-quarters (77 per cent) of consumers were indicated as currently setting some cash aside for later life. However, this proportion is down from the 80 per cent seen in 2007. The company attributed this slight drop to the continued impact of economic uncertainty and surges in day-to-day living costs.

Following on from taking the time to invest cash into savings schemes, it may be possible that consumers find they can manage demands on their finances in later life with greater effectiveness. This may mean that they can repay personal loans, pay for property repairs and meet the cost of household bills more easily.

Commenting on the figures, Tim Hague, director of savings and investments for the firm, stated: “This research shows how current market conditions are playing on the minds of Britons. Despite a marked increase in living costs, people are becoming more cautious and managing to save more and spend less, with their financial future in mind. Birmingham Midshires understands what is important to UK savers and as a result continues to offer consistently high levels of return on its savings account. However, we would urge savers to keep an eye on how much they are dipping into their accounts and remain vigilant about their overall savings balance. We recommend that savers have the equivalent of at least three months’ salary in their savings accounts.”

However, despite such high levels of investment into savings vehicles, it appears that many consumers may not be as prepared for their financial future as the above figures would suggest. According to Birmingham Midshires, the typical Briton has made withdrawals from their savings account to the tune of 1,700 pounds. And while this is still a significant sum in itself, it does represent a fall from the 2,000 pound average raid which was recorded in 2007.

A quarter of those dipping into their savings claim to have done so due to overspending in their current account, with 14 per cent citing the impact of more expensive household bills as their reason for doing this. Overall, it was indicated that it is older people who are most likely to raid their savings accounts. Some 43 per cent of consumers over the age of 55 reported that they have withdrawn cash from such a financial vehicle over the course of this year, in comparison to 29 per cent of 18 to 24-year-olds.

For those Britons who are worried about the strain which their finances will be under during the coming months, obtaining a debt consolidation loan may be recommended. In doing so, borrowers may be able to meet numerous demands on their spending at once, with a low-cost affordable repayment to make each month. Taking out a loan for this purpose could also leave consumers with more disposable income at the end of each month, money which could then be invested into a savings account.

Earlier this year, Abbey Mortgages indicated that by investing their cash in competitive savings accounts prospective homeowners will be able to add an average of 1,820 pounds on to their deposit fund for a property. It was reported that two-thirds of first-time buyers are putting purchasing a home for at least 12 months due to the difficulties experienced in the wider financial markets.

Mark Dawson writes for the the Loan Arrangers where you can apply online for low cost loans, you can also compare UK loans online, and apply for poor credit loans.