Brits aware of the need to save

The number of Brits looking for the best savings interest rates is likely to increase as more people are becoming aware that they need to save money in order to make expensive purchases.

Richard Talbot, director Credit Action, believes there is a "greater awareness for a need to have savings" and said that there is a "stronger understanding" of this among the younger generation.

"People are generally more aware that saving for some of these big ticket items is a good idea," he said.

Mr Talbot's comments come after the first HSBC Savings Map of Britain was published, revealing that savers are more ambitious with their savings plans for 2011, with younger savers leading the charge.

According to the research, those aged between 18 and 24 are most likely to intend to save more, closely followed by 25-34 year olds.

However, Mr Talbot added that, although people are more aware of the importance of having a financial safety net, the buy-now-pay-later culture still exists.
 

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2011-01-25 11:22:47 © Moneyextra.com