May 14 2007
Around 78 per cent of British consumers aiming to save money, in some cases for their child's future financial security, prefer to do so in a savings account, while there are some who opt to use a jar under their bed, a new study has revealed.
Figures from Nationwide show that close to 44 per cent of people in Britain save money as and when they can afford to and a further 35 per cent put money aside on a regular basis.
In addition, there are around 12 per cent of savers who accumulate cash in their current accounts rather than a child trust fund (CTF) or a bank savings account and more than one in five (21 per cent) of consumers admit to not putting any cash aside at all.
Commenting on the study, Matthew Carter, Nationwide's divisional director for mortgages and savings, said: "Saving doesn't have to be difficult or complicated and no matter how much you can afford to save, it is important that your money is saved in the right place - not under a bed or in a jar."
Statistics from the Building Societies Authority recently showed that around 49,000 new CTF accounts were opened during the first three months of this year.
