New research suggests that UK consumers are more likely to look for the best deals on credit products rather than savings, suggesting that most people are looking for available cash funds as opposed to effective savings solutions.
Experts at Moneyfacts.co.uk state that consumers are demonstrating a greater interest in credit than savings, prepared to look around for attractive credit products such as credit cards. This is prompting concern that consumers might be neglecting savings, failing even to look for the best savings rates.
Lisa Taylor of Moneyfacts.co.uk argues that consumers need to place greater focus on their savings rather than looking at new ways of getting credit, promoting good financial planning.
"I think people should be more aware of their savings," she said. "I think if they were they might be more inclined to switch accounts, and get the best deal they possibly can."
According to recent figures from Unbiased.co.uk, UK consumers saved a collective total of £136 billion last year, up by £25 billion on like figures for 2005.
Consumers 'look for best deals on credit rather than savings'
Consumers 'look for best deals on credit rather than savings'
Tue, 03 Apr 2007
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