British consumers have done well to save money during most of the last 40 years, research by Halifax shows.
A study of saving trends of UK consumers over the last 40 years has revealed the impact inflation and interest has had on UK savers.
Halifax discovered that the best "real" and "nominal" rates of return were in the 1980s, with 1986 the best year for savers with a real rate of return of +7.5 per cent.
Additional figures showed the worst time for savers was in the 1970s, with 1975 reporting a real rate of return of -14.1 per cent.
Cheryl Millington, head of savings at Halifax, said: "The evidence suggests that savers have fared well during most of the last 40 years.
"What is very clear however is that periods of high inflation eat into the real rates of returns that savers receive."
According to the firm savers now have a better choice of savings accounts and get a better deal with accounts available via the internet, telephone, post and in branches.
Savers have "better choice, better deal"
Savers have "better choice, better deal"
Mon, 16 May 2005
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