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.
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.
