NS&I report growth of instant saving sector
www.moneynews.co.uk > General finance > NS&I report growth of instant saving sector
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Money News |
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NS&I report growth of instant saving sector
Wed 24th Jan 2007
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Recent figures from independent financial advisor, Unbiased, revealed that many consumers are now borrowing almost half as much as they are saving, meaning that for every £1 saved, 49 pence is borrowed, compared to just 18 pence in the first three months of 2006.
This increased level of borrowing could be having an impact on the savings market, with many more people opting for instant saving products so that they can access their money easily and without having to give notice.
Mark Brooks, spokesman for NS&I explained that it was hard to tell if people are preferring low risk saving products such as cash Isas or opting for higher risk options such as equities fund.
However, he added: "Certainly the instant access savings market has been growing at a substantial rate over the last five years and again we would expect that to continue."
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