The obsession with property investment is over and people will start to shift their money back to traditional savings accounts, it has been claimed.
According to Donna Bradshaw, a financial planning strategist with IFG Financial Services, many people have become used to being able to get a good return on the amount of money they spent on a house, but the slowing market could mean they look for alternatives.
She said: "I think we're going to see a shift back to saving . It tends to happen after you get a bit of a spending glut, and we may see a turn around back to saving again."
The stock market might also be attractive to some investors as despite recent volatility, people could still make a profit on any long-term investment, she added.
Yesterday, Keith Churchouse, director of Churchouse Financial Planning, stated that people putting money away for retirement are increasingly using savings accounts rather than traditional pension funds .
People will switch to savings accounts, expert claims
People will switch to savings accounts, expert claims
Thu, 05 Jun 2008
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