It turns out we are more a nation of savers

At a time of year where most of us might be spending in the run up to the big day, it turns out that in the past number of years we have become more a nation of savers rather than spenders.  Since 2016, the savings rate has increased from about twelve and a half percent to thirteen point eight last year and is expected to be closer to fifteen percent this year. So what is behind this rise?