Brits "apathetic" about savings

Monday, September 26, 2005

Many people in the UK are too apathetic to organise a routine of regular saving, according to a new report.

Research carried out by Saga Secure Savings found that 17 per cent of Brits did not have a savings account at all, and two thirds of people who do don't know what rate of interest it is providing.

According to the survey, 57 per cent of those in the under 50 age group checked their savings account once a year or less, compared with 42 per cent of the over 50 age group.

When the savers were asked why they didn't take the time to change their account to one that would generate more interest on their money, 40 per cent disliked the amount of admin involved.

A further 43 per cent said that they liked to have all their accounts with the same financial provider.

Chief executive of Saga, Andrew Goodsell, said: "Switching accounts is an increasingly easy process, and we would urge all savers to check their savings rate to make sure they are making the best of their money."