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Boost in saving predicted for 2008

February 13, 2008 by admin  
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The number of consumers saving money is expected to grow during the course of 2008 “in terms of the proportion of the money in society”, claims one .

Halifax said that the slow down in the economy is likely to make consumers feel they need to deposit their money into their savings accounts in a bid to save.

Jason Clarke, spokesperson for Halifax, said: “When the economy is growing, people are confident.”

“When things begin to slow down, people think ‘now I need my rainy day money’ – it’s almost the reverse of what it should be. It’s down to [the] human psyche,” he added.

Halifax also advised those consumers looking for a savings account to research their options before committing to a deal.

According to the Buildings Society Association, building societies attracted a record £16.1 billion of savings inflows in 2007, which is almost double the inflow of 2006.

Meanwhile, in December 2007, HBOS forecasted that savings in Individual Savings Accounts (Isas) would rise by £30 billion to £240 billion in 2008.

Tags: psyche, record, financial expert, confident.""When things, hbos, building, ISAs, individual savings accounts

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