A new report has revealed that in the wake of the credit crunch, many savers in the UK are now more cautious than before.
The study by Newcastle Building Society found that due to current financial uncertainty, 11 per cent of people prefer to keep their savings at home, rather than in a savings account .
Wendy Lee, commercial director at the building society, said that the findings are a "stark sign of the time", yet noted that there are "attractive" savings products on the market.
"Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case," she commented.
The expert advised people to speak to their savings provider if they have concerns about the security of their existing investments .
In related news, savings expert Emma Byrne recently advised people to establish what their monthly incomings and outgoings are and then put money into savings .
Savers now more cautious, says expert
Savers now more cautious, says expert
Mon, 28 Apr 2008
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