ADDIDI Wealth: People may not maximise savings over "inertia"

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ADDIDI Wealth: People may not maximise savings over "inertia"

Tue 22nd Jul 2008

People may not seek financial advice on savings due to "inertia", ADDIDI Wealth has claimed.

Anna Sofat, director of the independent financial adviser, said that in her years of working for a building society, there was "lots of inertia".

Despite there being plenty of information on the internet, she said that "not everybody has the inclination to look and see what is best for them and do something about it".

She said that some of her clients "are so busy making money they don't necessarily have time to pay attention to their own affairs".

But Ms Sofat believed that the government's campaign to get advice had raised awareness of good financial management.

She added: "I think more people are seeking advice than they were a decade ago."

Interest rates between savings accounts can vary significantly, according to data from Moneyfacts.

The difference in interest on a £3,000 ISA deposit can be as much as £129.20.

A £3,000 cash ISA returned an average of £164.51 interest in the current tax year.

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