Many Britons have recently agreed that runaway inflation is having a negative impact on savings accounts in the UK, says newly released research finding.
According to one study published recently by personal and business bank account provider BM Savings, around 52 per cent of respondents had concerns that the value of the cash they’ve deposited in savings accounts will begin to erode if inflation continues its upward trend. Older Brits are even more concerned, as 69 per cent of those aged 65 or older were found to be concerned about runaway inflation.
The youngest demographic of savers, those between the ages of 18 and 24, were found to be significantly less concerned. Only 30 per cent of this younger saver group admitted to being worried about rising inflation rates, even though few savings products such as ISAs offer inflation-busting deals.
BM Savings products head, John Bianco, remarked that being consistent with putting money away for the future is one of the best ways to make sure Brits have cash put aside for the impending summer holidays.
In related news, families throughout the UK have recently been informed of the need to begin prioritising savings activity in lieu of spending, according to one financial expert.
Online resource creator and financial psychologist, Kim Stephenson, recently stated that Brits should be emphasising the need for forethought and planning when it comes to financial matters. Mr Stephenson remarked that Brits need to prioritise saving over spending, by trying to work out what it is they really, truly need and to leave off the assumption that they must have everything.
Noting that many people neglect to consider the long-term effects of over-spending, the expert continued on to say that this can lead to Brits having difficulties in paying for necessities.