You are here: Home - Saving & Banking - News -

Britons stick to savings

Written by:

A massive 9 out of 10 British savers are keeping their money in banks and building societies, despite the recent cut in interest rates, according to research from Birmingham Midshires.

More than 1 in 10 people (11%) have opened a savings account and 6% have switched their savings to an alternative provider.
However, 13% have stopped saving during the past 3 months, and 8% of them cited market uncertainty as the reason for their decision, compared to 61% who have simply been unable to afford to put money aside.
When savers do withdraw their money, 1 in 5 have used the cash to service their debts or overpay on their mortgage and a similar number (16%) have invested in stocks and shares.
Jason Robinson, director of savings operations at Birmingham Midshires comments:  “It is encouraging to see that recent market conditions have not dampened Britons’ enthusiasm for saving. Clearly the majority of people are keen to maintain their good habits and save as regularly as they can.”

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Last minute shoppers go £594m over budget

Research from Egg has found that nearly 4 million Brits leave their gift shopping until the week before Christmas.