It seems to come down to a mix of slightly better incomes and people being more careful with how they spend. With the cost of living still high, many households are choosing to hold back a little and put some money aside instead.

Recent figures show the savings rate has been hovering around the 12% mark throughout the year, pointing to a gradual stabilisation after the ups and downs of recent years.

While it’s a positive sign of financial resilience, it also highlights that households are being careful with their spending rather than significantly increasing consumption.