Gocompare.com exec notes poor conditions for savings accounts

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Gocompare.com exec notes poor conditions for savings accounts

It is unlikely that a proper savings culture will have developed recently, according to a representative from Gocompare.com.

Business development director at the company John Miles suggested this may have something to do with the conditions currently being experienced in the finance world.

He noted there is a real lack of faith in banks, interest rates have been at record lows and there is a feeling of uncertainty regarding many issues.

"A genuine savings boom will probably require a cultural change in the way we view savings, as well as greater confidence in things like banks and pensions," Mr Miles said.

In his view, people have not become bigger savers, but they may now be more "savvy" when it comes to spending.

These remarks follow research by Gocompare.com showing that people have cut their outgoings in a variety of areas.

According to a survey, 32 per cent of respondents are using discount shops to buy their food instead of the supermarket they typically go to.

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