Prudent Britons get 'saving bug'

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Prudent Britons get 'saving bug'

Mon 30th Apr 2007

Britons are increasingly adopting prudent savings habits, new research from Birmingham Midshires shows.

Figures from the group indicate that that over half of British savers opened an instant access savings account in the last three months, with just 16 per cent of people willing to lock their money away.

Men are more alive to the potential of securing themselves a guaranteed rate of interest by placing their funds in a fixed-rate bond, with 17 per cent doing so compared to six per cent of women.

Customers between the age of 35 and 44 are most likely to open an instant access account (66 per cent), compared to just over two fifths of 25-34-year-olds.

Jason Robinson, director of savings at the group, described how Birmingham Midshires' instant access accounts are an "excellent way of saving for short term needs however we would encourage savers to also remember the long term and make adequate provisions".

"It is worth considering a number of savings ‘pots’ for different purposes which can nowadays be very easily managed online," he added about the Birmingham Midshires accounts.

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