The present uncertain economic climate and rising cost of living has prompted a number of people to channel more money into their savings accounts, new research indicates.
According to Birmingham Midshires, 77 per cent of those surveyed said that they have been able to set some money aside during the last three months.
Tim Hague, director of savings and investments at the firm, said the research highlighted how current market conditions are "playing on the minds" of people in the UK.
"Despite a marked increase in living costs, people are becoming more cautious and managing to save more and spend less, with their financial future in mind," he stated.
In fact, the survey showed that 60 per cent of respondents have resisted the temptation to raid their savings during the last three months.
Earlier this month, Jayne Dono, a spokesperson for Britannia, suggested that a number of organisations are using high initial rates on savings accounts to attract new customers.
However, the expert warned that while some savers may be taking advantage of "headline-grabbing rates in the short-term", some savings accounts may not offer such positive "longer-term prospects".
Cautious consumers saving more
Financial Services > Savings > Savings and Investments News
Cautious consumers saving more
Fri, 23 May 2008
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