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The financial crisis of 2008 has a lot of bad things to answer for but here’s one positive outcome. According to a study recently released by Scottish Widows, the UK is turning into a nation of savers. Apparently three quarters of Brits are now saving on a regular basis, over a third of them claiming that their motivation is to acquire a rainy day fund. Experts believe that this is a direct reaction to many people having experienced economic hardship in the wake of the financial crisis and hoping to avoid finding themselves in the same situation again.
Five years ago just 63% of the population were regular savers but this figure has been rising steadily since, with the younger generation (18-24 year olds) more likely to be putting money away than their middle-aged parents (45-54 year olds). The average amount squirreled away by those in the survey was £32,407, up 7% on last year’s total, with almost 50% saying their main motivation for saving was for a ‘more secure future’. Conversely, the number of people not saving at all has decreased from 37% to 26% over the same period, the highest proportion of them in that middle-aged bracket.
It is great that more and more people are choosing to prepare for their financial future however I wonder how many of them are saving smart. Indeed, nearly 50% of those questioned admitted that they did not know how to go about saving or investing and that this stopped them doing so. The easiest options are simple savings accounts or ISAs but these are often not the best savings vehicles to go for. The latest announcement from the Bank of England kept interest rates at a record low, where they have been for the last six years. That means that you don’t have to look far to beat bank rates on savings accounts, the best of which offer a mere 1.25%.
Here at Infinity we can offer a range of savings and investment solutions to suit all budgets which will make your money work much harder for you than it will in the bank. Our products are not just for the super-rich, we have clients from all walks of life with a multitude of investment goals. Our professional and approachable advisers can help whether you have a lump sum to invest or you want to set up a regular savings plan. In addition, our investment models can be tailored to your individual outlook whether you have a cautious approach or a more adventurous one.
Saving is always a good thing but if it’s worth doing, it’s worth doing well. Contact us today to find out how.
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