The amount of money people are putting in savings accounts is set to increase this year, one expert believes.
Jason Clarke, a spokesperson for Halifax, said that when there is a period of economic slowdown people tend to put more of their cash in to savings accounts .
This was because people felt that they needed some "rainy day money" tucked away in a savings account in case things went wrong, he explained.
He said: "This year, we fully expect to see savings grow in terms of the proportion of money in society."
Mr Clarke added that the reverse was also true and that when the economy is growing people are less inclined to put money into savings accounts as they are more confident about their ability to repay any debt they may incur.
According to the Buildings Society Association, the savings accounts of their members attracted a record of £16.1 billion in deposits in 2007.
Savings accounts set to grow
Savings accounts set to grow
Thu, 14 Feb 2008
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