Saving and investing news
'Have it now' Brits opt for easy access
28 April, 2007
The rise of the ‘have-it-now’ culture is impacting on the way we save with more than half of all British savers opening an instant access savings account in the past three months, whilst fewer than one in five are willing to lock their money away.
The findings follow last week’s report from the Office of National Statistics that found consumption of goods by UK households increased by 73% in 1991 and 2005.
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But, according to the latest research from Birmingham Midshires’ Saving Britain campaign, figures suggest that many of Briton’s 37 million regular savers are in fact saving to spend, contributing heavily to these consumption figures.
The report found that women were more likely than men to demand easy access to their money; 56 per cent opened an instant access savings account compared to 46 per cent of men.
Over the first quarter of the year men were twice as likely to take advantage of the tax benefits of an ISA; these accounted for a third of new accounts opened by men compared to just 16 per cent of women. Men were almost three times as likely as women to invest their savings in fixed rate bonds, ensuring they get a guaranteed rate of interest for a pre-determined amount of time.
Jason Robinson, director of savings operations for Birmingham Midshires commented on the findings: “Instant access accounts are an excellent way of saving for short term needs however we would encourage savers to also remember the long term and make adequate provisions. It is worth considering a number of savings ‘pots’ for different purposes which can nowadays be very easily managed online."
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