Savings gap increases with lack of time for investment

Tuesday, November 15, 2005

Co-operative Insurance Society (CIS) has blamed longer working hours for the savings gap that has developed in the UK, where less people are putting money in savings accounts or making an investment.

The UK savings gap currently stands at £27 billion and CIS says this is partly due to people not having enough time to take advantage of the latest saving rates and investment opportunities.

With just eight per cent of people working the nine to five traditional working day, and journeys to and from work getting longer, people are finding no time to get to tend to their financial matters such as investment in an ISA, or depositing money into a savings account.

"Our research shows that if people are at work for an average of almost nine hours per day, the last thing they want to use their weekends or precious holidays for is to sort out financial matters," said Charles McKeown, CIS insurance sales director.

"It is therefore not at all surprising that the UK has such large savings and protection gaps."

According to the research, 34 per cent of workers said they would need a half-day holiday to sort out a major financial investment.

Get some help finding the right savings account here:
<a href="http://www.europinions-finance.co.uk/savings/savings/">http://www.europinions-finance.co.uk/savings/savings/</a>
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