Recently conducted research has shown that the popularity of savings accounts in the UK may bounce back in 2011.
One financial services provider has recently discovered that more people in the UK may begin using savings products such as ISAs, than they did over the past 12 months. Banking giant Lloyds TSB stated that the second most common New Year’s resolution for Brits has been to take control of their personal finances.
The personal and business bank account provider found that the only resolutions that beat out getting a handle on finances involved getting fitter and losing weight.
11 per cent of research survey respondents stated that they decided to try harder to get their finances in order. More than four out of every 10 also responded by saying that making more frequent deposits into some sort of savings account will be an integral part of their plan to improve their own financial health.
Additionally, at 57 per cent, over half of all respondents added that they have plans to save a larger proportion of their income than they did last year.
Not all recently conducted research coincides with the findings of Lloyds TSB however. One report released by the Skipton Building Society indicated a decrease in savings activity in the UK, finding that one out of every three people in the UK had no plans to deposit any funds of any kind into any savings products for 2011.
Industry experts have stated that there will most likely be some percentage of the population that will be distrustful of depositing their funds in UK banks. The recalcitrance can be traced to the catastrophic bank failures that kicked off the global economic downturn several years ago, according to some insiders, whilst others still blame the high inflation rate of 3.3 per cent as a deterrent to savings activity.