Savers have changed attitude
April 30, 2007 by admin
Filed under News, News-Banking
The way we approach banking has changed in recent years, with new research showing that more of us are opening instant access savings accounts.
A study by Birmingham Midshires shows that 51 per cent of people who opened a savings account in the last three months opted for the instant access option.
This is in stark contrast to the number who chose to make their money slightly harder to get to, with only 16 per cent keeping it out of reach.
Birmingham Midshires says that this trend is all part of the ‘have-it-now’ culture of Britons in the early 21st century and the firm says that consumption of goods figures back this claim.
The Office of National Statistics recently published these statistics, showing that we consumed 73 per cent more goods in 2005 than we did in 1991.
Experts at Birmingham Midshires say that it appears to be the case that many Brits are saving in order to spend.
“Instant access accounts are an excellent way of saving for short term needs, however, we would encourage savers to also remember the long term and make adequate provisions,” said Jason Robinson, director of savings operations at the company.
“It is worth considering a number of savings pots for different purposes which can nowadays be very easily managed online.”
There is nothing wrong with saving money for a big purchase, however, it is also advisable to make sure that you have money put aside to help you through an unforeseen change in circumstances.
