People are losing money on savings, says expert
www.moneynews.co.uk > Banking > People are losing money on savings, says expert
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Money News |
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People are losing money on savings, says expert
Fri 23rd Apr 2010
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David Kuo, director of the Motley Fool, made his comments in response to the news from the Office for National Statistics that the consumer price index rose 0.4 per cent compared to the previous month to 3.4 per cent in March.
He described the figure as "appalling and yet not unexpected" and explained that it is forcing people to try to find financial products that will offer them a higher return than 4.4 per cent, since this is the level that the retail price index has reached.
Mr Kuo noted that such a high-return investment is hard to find.
"That is one of the reasons why people are shunning savings accounts and going for investment in the stock market," he stated.
In his view, the inflation figures that the country is experiencing have been affected hugely by the government's quantitative easing programme.
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