Boost in saving predicted for 2008
February 13, 2008 by admin
Filed under News, News-Banking
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 financial expert. 
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.
