Time to put money aside, says Santander savings

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Time to put money aside, says Santander savings

Wed 9th Jun 2010

It is important for young people to start putting money aside and research suggests this may be happening, according to Santander savings.

Reza Attar-Zadeh, director of savings and investments at the financial institution, made his remarks after the firm revealed individuals in the UK aged between 18 and 34 years are putting aside £134 on average each month.

In comparison, the average for the country is £116 and over-55s are saving £107.

Mr Attar-Zadeh noted the deposit for first-time buyers has reached about £33,000 on average, which is a good reason to start putting early.

He added: "These latest statistics prove that the recession has changed people's attitudes to saving and a new generation of savers not spenders has finally arrived."

This month, Santander savings and Alliance & Leicester launched a new range of fixed-rate bonds, which pay up to 3.5 per cent interest, with some lower return products available with an investment of £1.

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