The Building Societies Association (BSA) have said that the 2005 level of deposits to savings and investments accounts of their members was the highest for 8 years, with a ‘net inflow’ of funds of over a billion pounds, in contrast to recent years of ever increasing debts.

The news will be welcome to debt charities and analysts, as it suggests the reality of the nation’s indebtedness is beginning to hit home, with people starting to put money aside for a rainy day rather than continue increasing their debts.

Adrian Coles, Director-General of the BSA, said:

Overindebtedness grabs the headlines, but these figures show that many people are sensibly looking after their future

Follow any responses to this post through the RSS 2.0 feed. You can leave a response, or trackback from your own site.