The amount of money Britons are saving nearly doubled during the first quarter of the year, research has showed.
The average person set aside £597 in the three months to the end of March, an 82% increase on the £329 they saved during the previous quarter, and the first rise in savings levels for more than a year.
But despite the increase, people are still saving considerably less than they were during the same period of 2008, when they set aside an average of £930 each, according to Birmingham Midshires.
Tim Hague, director of savings and investments at Birmingham Midshires, said: "People often batten down the hatches during times of financial uncertainty.
"The emergence of a society which places a higher priority on saving for the future, rather than spending for the moment, could be the positive effect of the current downturn."
But 37% admitted they had raided their savings during the first three months of the year, withdrawing an average of £367 each, up from £302 during the previous quarter.
The main reason they gave for dipping into their savings was to fund emergency home or car repairs at 23%, while 16% used the money for a holiday and 14% each used the money to pay unexpected utility or other bills or to top up their current account after overspending.
But only 6% of those questioned used their savings to pay for impulse spending, while 5% used the money to eat out and 10% lent it to family or friends.
Around 27% said they were saving for a holiday, with 25% saving for a rainy day and 16% setting cash aside for their retirement.
