UK savings accounts still healthy despite recession, say Standard Life

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www.moneynews.co.uk > Banking > UK savings accounts still healthy despite recession, say Standard Life

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UK savings accounts still healthy despite recession, say Standard Life

The UK is still a nation of savers despite the harsh economic climate, Standard Life has revealed today (July 18th).

Standard Life's survey suggests that economic conditions have actually prompted people to put money to one side, with 41 per cent of responders saving more than or equal to the same amount over the last year, compared with the same period 12 months previous.

Through products such as mini cash Isas, high interest savings accounts and Standard Life's MyFolio investment range, more people feel saving options can see them through the choppy financial weather.

Furthermore, more than half (51 per cent) of 25 to 34-year-olds and 46 per cent of 18 to 24-year-olds said they were saving more than last year, compared with 41 per cent of over 55s.

Standard Life's head of pensions policy, John Lawson, described the results as "encouraging".

"People don't have to set aside a lot of money to feel the benefit of an investment in the future," he added.

The company specialises in a range of investments, savings and pensions and won the Moneywise Pensions Award for the best personal pensions provider of 2010.

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