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.
Consumers using bonuses to ‘pay off’ mortgage
April 13, 2007 by admin
Filed under News, News-Mortgages
Almost one in ten diligent Britons are using their annual bonus to pay off chunks of their mortgage, new research carried out by Birmingham and Midshires shows.
Figures released by the financial provider indicate that Britons are proving to be particularly savvy when using their bonuses, with nearly two-fifths having saved all or most of their bonus over the past year.
With regard to their mortgage, people from the Midlands and Wales are found to be the most financially astute, with nearly two-thirds paying off their mortgage.
In total, Britons collected more than £24 billion in bonuses last year, with the average employee receiving £1,758 from grateful employees, allowing many to invest in other avenues than their mortgage.
While some saved their payouts, over one in ten splashed their hard-earned cash on holidays and electrical items.
Jason Robinson, director of savings operations for Birmingham Midshires, said: “It’s easy to be tempted to splurge when we get paid a bonus so the fact that more than half are using their extra cash sensibly is great news.
“You don’t need a huge amount to save or invest so lucky bonus recipients should try to find a healthy balance between rewarding themselves for a year of hard work and squirreling their cash away,” he added.
Shoppers spend Xmas savings
January 15, 2007 by admin
Filed under News, News-Banking
Christmas savings were plundered by UK shoppers at the end of 2006, according to findings from Birmingham Midshires’ Saving Britain campaign.
Although on average Brits saved a total of £2,246 during the year, more than half of this was spent during the final few months.
The study also found that Brits were more able to save during the final three months of the year than at any other time.
Birmingham Midshires’ director of savings, Jason Robinson, said: “Our research shows that gifts and impulse purchases were the reasons for raiding our savings accounts.”
He continued: “Whilst this is to be expected during the festive season, we would urge people to think carefully about a realistic amount they can set aside each month so they avoid regularly plundering their account.”
There was a marked difference between regions in the willingness of people to plunder their savings over Christmas. People in the Midlands and Wales raided the most, a worrying £2,697, while those in the north took out a more restrained £926.
