One financial expert has recently stated that regardless of the health of their personal finances, UK savers should make regular deposits into savings products such as fixed rate bonds or ISAs.
Nationwide’s savings account expert Richard Marriott acknowledged that many Brits are finding it difficult to find the extra cash to save due to the results of the worldwide economic recession. However the financial expert remarked that saving even as little as £10 on a monthly basis could benefit savers over a long period of time.
Noting that Nationwide was encouraging people to engage in savings activity whenever possible, Mr Marriott additionally stated that many building societies and banks have been removing many of the requirements for opening new accounts. These personal and business bank account providers are doing so in order to make it easier for consumers to put their cash away for the future.
The savings expert commented that the savings environment has been a difficult one for everyone. As a result more people have been trying to make their savings pots grow whenever they can by putting at least a bit of cash away every month, Mr Marriott added. However he said that it has become clear that there have been some who have found this a difficult thing to do.
Mr Marriott’s comments come on the heels of Legal & General’s recently published 2011 survey concerning the percentage of people in the UK who have the desire to save. The survey discovered that intentions to save have risen to a new high of 69 per cent of the population.
This new high represents the peak of more than six years of studies conducted by Legal & General regarding intentions to save by Brits.