First Direct reveals lack of saving awareness in Britons

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First Direct reveals lack of saving awareness in Britons

Wed 3rd Aug 2011

According to research by First Direct, more than a third (36.9 per cent) of Britons are not aware of how much interest their savings earn while 34 per cent rarely or never check their savings balance.

The study was conducted on behalf of the bank by Opinion Matters, which surveyed a sample of 1,001 people and found a large degree of ignorance amongst British savers over basic issues.

First Direct's research also found that almost half of people (47.7 per cent) hold one savings account but less than 50 per cent of respondents knew how much their balance was, a result described as "worrying" by First Direct's head of savings Bruno Genovese.

"It's important for people to review their savings regularly. Only then can they ensure they have the best account for their needs and have made the most of their tax-free allowance," he added.

The bank's research comes as competition in the savings market increases, with both First Direct and Yorkshire Building Society yesterday (August 2nd) announcing new savings products for internet-based customers.

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