Member Article

Turbulent markets not putting savers off

More than three-quarters of people say they are still managing to put some money aside for a rainy day on a regular basis, despite the current negative perceptions of the British economy, according to new research. Research conducted by Newcastle Building Society found that 78% of respondents said they were still saving regularly, despite the combined impact of worsening economic conditions, rising food and utility bills, and the impact of the global credit crunch.

Almost two-thirds (65%) of the online survey participants said they put money aside on a monthly basis, with a further four per cent doing so on a weekly basis. Perhaps as a response to the turmoil in the financial markets in recent months, almost all savers (96%) said they liked to spread their finances and assets between several different providers.

Wendy Lee, commercial director at Newcastle Building Society, said: “Our research findings would indicate that ordinary savers are being rather more level-headed about the current state of the country’s personal finances than some of the ‘expert’ commentators. “Our findings indicate a good level of recognition amongst our survey respondents that saving is a long-term occupation, and that the ups and downs through which economies always go through over the years have to be viewed in that context.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .