Industry News from Yes Insurance

Close to ten million savers are putting money aside in order to fund the trip of a lifetime, it has been claimed.

According to research from Abbey Savings, some 9.4 million people are looking to pay for a luxury holiday with the money pot they have amassed.

Such a purchase could come with expensive added extras including travel insurance, clothes and spending money.

In addition to this, the firm commented that 4.2 million people are looking to splash out on a new car while 3.9 million will use their funds to carry out home improvements.

Abbey head of savings Reza Attar-Zadeh said that it was encouraging to see such results.

He commented: "It's heartening to see that so many Britons are prepared to save up for big ticket purchases ... nothing beats that feeling of being able to splash out on something you have saved long and hard to own."

Despite the savings figures, money charity Credit Action has revealed that the UK currently has a personal debt bill of £1.3 trillion.

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