How you can benefit from a notice savings account
There are many different types of savings accounts available these days through the UK’s banks, with something to suit most needs and circumstances, and enabling consumers to save towards a special purchase, for the future, or simply towards a rainy day. One type of account that can prove invaluable is the notice account, which offers consumers a great way to save and helps them to resist the temptation to make impulse withdrawals. Read more
Tags: rate of interest, rainy day, rate, different notice accounts, savings accounts, period, personal finance, Money market deposit account
Savers are short-sighted
April 5, 2007 by admin
Filed under News, News-Banking
Millions of consumers are only saving money to achieve their short-term goals, new research has indicated.
An estimated 7.5 million Britons save cash just to meet their immediate needs, according to a report by website Unbiased.co.uk.
A further 3.8 million are thought to be “frivolous” spenders, driven to part with their cash because of their desire to acquire certain purchases, rather than their ability to afford them, according to the study.
The report, commissioned by IFA Promotion and based on official data and a YouGov survey of consumers, concludes that there are two frivolous spenders for every Briton who is financially aware.
Dividing the nation into five categories according to their spending habits, the study also suggests that even one in ten “bargain” spenders do not have any savings.
“This year’s research into the nation’s propensity to save shows some improvement, but it is disappointing that we still define ourselves as a nation of spenders rather than a nation of savers,” said Unbiased.co.uk chief executive David Elms.
News that many Britons are failing to save for a rainy day follows research published yesterday indicating that the majority of the nation’s wealth is now tied up in property rather than traditional financial assets such as savings.
Some 55 per cent of the UK’s wealth is now linked to equity in properties, the study commissioned by the insurer Prudential found.
