Despite house prices falling, people are still saving for DIY projects according to Birmingham Midshires’ Saving Britain research. In fact more money is being saved for DIY than any other reason and 24% of the population are saving for DIY.

This suggests that despite scare reports, Britons still see value in their homes and think spending money on them is financially worthwhile. DIY proved very much a national past time, attracting more savings (an average of £162.24) than essentials such as saving money for children (the average amount saved stands at £9.00) and saving for a new baby (this stands at £5.60).

The Saving Britain findings dispel the notion that people don’t save: 62 per cent have put savings away in the last three months, with Britons saving an average of £195 a month (£587.38 Aug-October). This equates to 38% of the national average monthly take home pay (£1,555.93).

The next biggest items people are saving for are holidays at (13%) and, not surprisingly at this time of year, Christmas (20%). The research shows that people have already put away an average of £40.73 over the three months from August to October in preparation for the festive season.

On average Britons are saving £128.47 for retirement (outside their pension plans), although the vast majority of these savers were earning more than £40,000 a year. Only 3 per cent of people earning £20,000 or under had put anything away for their retirement in the last three months

Boxing day holiday ads are yet to hit us, but a winter break is third on people’s priority lists when it comes to saving – having put away an average of £117.72 since August. It is middle-aged homeowners that are leading the charge for winter sun.

Single people under 30 are most likely to save for life’s luxuries – hifi and music (£11.27 over the past three months) and hobbies (£37.29);

Homeowners living with their partners are most likely to save for Christmas, at £69.39 over the past three months, while married homeowners are the most likely to open a savings account for their young children (having saved an average of £38.51 over the past three months).