A desire to have spare cash to travel abroad is the main reason that most Britons put money aside, a new study has discovered.

A desire to have spare cash to travel abroad is the main reason that most Britons put money aside, a new study has discovered.

According to a poll by the internet bank smile, the average person in the UK has saved £1,882 in the past year – which could pay for a holiday in Australia.

Some 57 per cent of people said the bulk of their savings would go towards a break in the sun, more than the percentage who said it would be spend on a house deposit (30 per cent).

John Barker, head of savings at smile, said: “Many people are now changing their behaviour and reverting to the ways of previous generations, when saving up for things was the norm.”

Earlier this month, Sean Tipton of the Association of British Travel Agents said that more people may now opt for long haul holidays as prices for flights come down.

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