Brits saved £384bn into pensions and life funds over decade

Between 2000 and 2009 Britons collectively saved £384bn into pension funds and life insurance products, according to research from Lloyds TSB and the ONS.

On average, British savers put away £38bn per year into pensions as a whole. In total, UK households accumulated £802bn in all new savings, which includes pensions, shares and deposit savings over the decade.

Despite daily reports of retirement saving shortfalls, the figures show UK households have saved 46% more than they did over the course of the 1990s. Allowing for inflation, this is a real-term increase of 14%.

"This has been a significant decade for savers in the UK," says Suren Thiru, economist at Lloyds TSB.

"The substantial rise of new household savings over the past ten years reflects the extent to which savers have worked hard to build their nest-egg.

"The level of new households' savings has weakened somewhat over recent years as a consequence of the financial crisis, the low official bank rate and the well documented repayment of debt during the same period but there have been signs of improvement over the past year."