Young people attracted by saving
November 9, 2007 by admin
Filed under News, News-Banking
Young people are now twice as likely to open a savings account as they were just six months ago. 
A new survey from Birmingham Midshires found that one in seven (14 per cent) 18 to 24-year-olds had opened a savings account in the last three months, compared to just one in fourteen at the time of its last study, six months ago.
More and more young people are seeing the benefits of saving, with interest rates high and banks and other savings providers competing fiercely to give the best deals.
Jason Robinson, director of savings operations at Birmingham Midshires said: “With 2007 widely accepted as the year of the saver, the savings market is not only appealing more to new markets – the younger generation – but we are also noting an increase in movement with more savers, particularly older savers – switching accounts to get a better deal. The trend is certainly moving away from inertia as people vote with their feet.”
The study found that more people, particularly over-55s, are willing to move their savings around to get a better deal.
However, other research out this week claimed that large numbers of savers are unaware of just how much interest they are actually earning.
Research from Sainsbury’s Bank found that around £112 billion nationwide is being held in account where the savers just do not know what rate they are on.
