National Savings & Investments sees record deposit levels

According to a recent report the level of savings being deposited into National Savings & Investments by consumers in the UK has hit record levels, and more and more worried consumers look for a safe place in which to place their hard earned cash. Read more

Tags: National, investments, National Savings, savings accounts, Banking, money, National Savings & Investments

British savers are ‘fantasists’

Millions of Brits are failing to plan their banking properly and this could lead to problems in the future.

National Savings & Investments (NS&I) has slammed 33 per cent of Britons as financial fantasists.

Its research shows that many of us are expecting to see our wages increase or are hoping for an inheritance windfall to help us out.

The NS&I Quarterly Savings Survey showed that 24 per cent expect to see their wages increase, five per cent think they will be able to borrow whatever money they need and four per cent are hoping to receive some inheritance.

However, 55 per cent say that they do not have a financial plan in place and NS&I points out that it is folly to wait in hope for financial changes that may never arrive.

“It’s a real concern that such a high percentage of people haven’t made a financial plan for their future and even more worrying that a significant number are basing their financial security on their future earnings potential,” said Dax Harkins, senior savings strategist at NS&I.

“There’s never any guarantee that people will earn more as they get older so it’s really important that people start their financial planning and start saving as early as possible.”

Women are less likely than men to have a financial plan for the future in place.

Tags: plan, business, britons, harkins, Banking, NS&I Quarterly Savings