Saga: Brits need to think about savings

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Saga: Brits need to think about savings

Mon 23rd Feb 2009

Saga has conducted a survey which reveals that Brits may not be giving their savings enough thought as the recession continues.

The savings account provider found that 38 per cent of over-50s say they haven't changed their spending habits since the onset of the credit crunch, but as over a third of them have an ongoing savings pot they may be well-placed to weather the financial storm.

However, Saga also found that people are tending not to alter their portfolio of investments, in terms of the proportion held in cash, shares and property, despite the credit crunch.

Andrew Goodsell, chief executive of the Saga Group, said: "People over 50 have traditionally been prudent savers and are feeling the effect of base rate cuts."

With the Bank of England cutting the base rate of interest to one per cent recently, older people may find they earn less income than expected from their savings accounts.

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