|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Thursday 29th of January 2009
January 26, 2009

Brits disillusioned with saving


by David Masters
Brits disillusioned with saving

Almost three quarters (73%) of UK consumers believe the benefits of saving have fallen over the last year, according to new research by the Association of British Insurers (ABI).

Only 7% of those questioned felt the benefits of saving have increased, down from 15% when the survey was conducted three months earlier.

Rebecca Driver, the ABI’s director of research and chief economist, said: “The current economic climate vividly highlights the dangers of too much debt – the country needs to develop a healthier approach to saving.”

The ABI believes that Britain must develop a new culture of saving.

The government must step in to encourage this, Driver said, by increasing ISA limits and bringing forward automatic enrolment into existing workplace pension schemes.

Despite their lax attitude to saving, Brits believe the worst of the recession is yet to come.

Seven in 10 of the 3,000 adults surveyed said the UK economy will deteriorate further during 2009.

Defaqto recently warned that UK savers are entering ‘really bleak times’ with increasingly few accounts offering a real rate of return.

Discuss this in the Finance Markets forums

Story link: Brits disillusioned with saving


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags: , attitude, , , , , , , ,

 

Previous: « Direct Life adds PruProtect to LifeQuote
Next: Survey reveals what Britons really think of banks »

Visited 285 times, 2 so far today