Jun 14 2007
British consumers are warming to a culture of putting money aside for their own or for their children's financial futures, one expert has suggested.
Peter Wood, head of savings at Sainsbury's, claims that the growth of the market in the UK is encouraging consumers to focus more on saving their money than spending it.
Indeed, Mr Wood reflects that financial services firms like Sainsbury's Bank are actively encouraging Britons to invest their money into savings accounts and notes that consumers are generally drawn to easy-to-understand offerings.
"The savings market's growing by seven or eight per cent a year so clearly people are starting to save more," said Mr Wood.
He added that straightforward terms and conditions "will help people and hopefully encourage people to save harder".
Now could be a good time to invest in a savings account, according to MoneyExpert, which suggests that savings accounts are increasingly benefiting consumers as the market becomes more competitive.
