Fair Investment Company notes impact of economy on savings accounts

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Fair Investment Company notes impact of economy on savings accounts

Mon 13th Sep 2010

People are raiding their savings accounts more than they should do currently, a Fair Investment Company spokesperson has claimed.

Head of investment and pension research at the firm George Ladds accepted that unforeseen expenses are part of the reason why it is good to put money aside, but the amount individuals are withdrawing is not sustainable.

"Like the government, families need to tighten their belts and find ways to cut expenditure rather than continue to put such massive strains on their finances," he remarked.

In his view, dipping into savings should not become an everyday occurrence and the public must find ways of living within their means.

Mr Ladds suggested people could save cash by not replacing non-essential items or trading to less expensive cars and holidays.

Research by the Fair Investment Company published recently shows 69 per cent of respondents to a poll believed the base rate of interest would be raised at a recent meeting of the Monetary Policy Committee.

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