An increasing number of young people are putting money into savings accounts as doing so is now "sexy", one expert has stated.
According to Emma Byrne, young people are realising that they cannot keep spending and are now opening up savings accounts in order to achieve financial security.
She said: "We'd really encourage people, once they’ve sorted out their monthly incoming and outgoings, to go and put that money into a savings account ."
People should not leave their money in a current account with a low rate of interest, but find a high-interest savings account to make sure that they get the best return, she added.
She also urged the two-thirds of people in the UK who did not pay money in to savings accounts on a regular basis to begin doing so.
A recent study by Kaupthing found that the average person feels they need £92,507 in savings in order to be financially secure.
It also revealed that a third of people do not save regularly and have outstanding debt .
Savings are sexy, expert claims
Savings are sexy, expert claims
Tue, 29 Apr 2008
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