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You are here: Home » News » Brits eager to begin saving again says one expert

Brits eager to begin saving again says one expert

23. Apr, 2011 Categories: News by Business Bank Accounts 0 Comments

One financial expert has stated that more Brits are expressing eagerness when it comes to storing their cash in savings accounts in the wake of the worldwide banking crisis.

Acording to online resource Money Magpie founder Jasmine Birtles, the level of enthusiasm among Brits to store their money in such financial products as ISAs or fixed rate bonds has been on the increase thanks to the effects of the global economic recession.  Ms Birtles stated that Brits have an increased appetite to save as they come to recognise the need for planning and forward thinking in order to get their financial affairs in order.

The online resource founder attributed the renewed interest in savers due to a desire to avoid situations where they might need to rely on loans or credit cards in order to make ends meet.  This new approach has been made particularly evident in the younger generations of the country as they have been among the most effected by the economic downturn, she added.

The expert noted that the savers most keen on putting aside their cash for the future are those in their 20s.  However Ms Birtles remarked that savings attitudes in the UK is still something of a mixed bag.

While many who can are increasing the amount they have been saving, there are many who simply cannot do so because they have been dipping into their savings to help make ends meet, said Ms Birtles.

The savings expert’s comments come on the heels of a newly published research report by Standard Life that revealed a large number of Brits are making inadequate provisions towards the future with their money.

The study discovered that 17 per cent of respondents engaged in no financial planning whatsoever.  Moreover 45 per cent stated that they only consider their income and outgoings up to 12 months in advance.

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Tags: Banking Legislation, credit card, fixed-rate bond, ISA, savings account