Mar 27 2007
Britons would benefit from a simplification of savings products and procedures from financial services providers, it has been claimed, while the best means of encouraging saving from a young age would be the introduction of financial capability lessons in schools.
Newly published research from the Buildings Societies Association (BSA) reveals that Britons choosing to save undergo a mental trade-off between what are perceived to be the costs and benefits of saving, with a number of different influences on this decision.
The association found that Britons favour competitive and adaptable savings products that reward certain behaviour, while the decision to save is made separately to the choice of available product.
Adrian Coles, director general of the BSA, said: "The best long-term solution is educating people so that they want to save by making financial capability a compulsory part of the school curriculum and embarking on a public awareness campaign to show the potential hazards of not saving."
He added that this action would assist in the struggle to alter the mindset of Britons to regard saving as gaining, rather than losing something.
Last month, the Personal Finance Education Group revealed that nine out of ten teenagers worry about their money and spending.
