The credit crunch means that people are keener to put money into savings accounts, one expert has claimed.
David White, chief executive officer of the Children's Mutual, explained that an economic downturn makes people more cautions with their money and hence deposits in savings accounts tend to increase.
He said: "I suggest that, actually, in times of negative press around financial things, people actually consider savings much more than they do when everything seems fantastic."
Mr White added that when things are going well and house prices and other investments are increasing in value people "just keep spending" and are not as bothered about their savings.
Last week, David Black of Defaqto claimed that there are some fantastic deals on savings accounts available at the moment.
He explained that this is because banks are looking to attract customers and are doing so by offering high interest rates on their savings accounts.
Credit crunch makes people think about savings
Credit crunch makes people think about savings
Tue, 22 Apr 2008
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