The average Briton held readily accessible cash savings of 2,205 pounds at the end of 2009, little changed from the start of the year, a new survey by Dutch bank ING Direct showed on Friday.

This median figure is sharply lower than the mean level of savings of 23,500 pounds implied by Bank of England aggregate data, as it is less affected by the fact that the wealthiest 5 percent of Britons hold a third of total savings.

Moreover, the modest increase in savings from a median 2,167 pounds at the start of the year contrasts with the rise in the official household savings ratio to its highest level in over a decade, as the latter figures -- part of GDP statistics -- include reductions in debt as well as higher cash savings.

Increase due to unavailability of credit

This rebound in the household savings ratio has been welcomed by the Bank of England as part of a rebalancing of the British economy away from the credit and consumption driven growth of the past decade.

But ING economist James Knightley said Friday's figures suggested this rebound could rapidly reverse, arguing the rising savings ratio was more due to a temporary unavailability of new credit than a change in households' preferences towards saving.

"Media assertions that UK households have rediscovered thrift are wide of the mark," he said. "There is no sign of a convincing increase in saving in bank accounts or other financial assets. Indeed, if we are right in expecting income growth to slow sharply in 2010, savings are likely to fall afresh."

Steve Jackson from BeatMyDebt agrees. "The fall in people using personal credit is largely due to the fact that this form of borrowing has become so expensive. Personal loan rates from high street banks are often way above 10%," he said. "Any increases in savings can be explained by vastly reduced mortgage payments increasing the amount people have in their pockets. However, I do not see any evidence of the average person saving any more."

Few see rapid economic  growth

Britain only just emerged from its deepest recession in over 50 years at the end of 2009, and few economists see rapid earnings growth.

Among different age groups, those between 16-24 and over 55 saw their savings fall over 2009 as a whole -- the former because of high youth unemployment and the latter because low BoE interest rates caused retirees to use capital to pay for day-to-day living expenses, ING suggested

Those aged from 25-54 increased their savings, possibly because lower mortgage interest rates boosted these individuals disposable income compared to previous years, ING added.

ING's data comes from monthly surveys of 1,300 people, carried out since January 2009 and published for the first time in 2010.