Brits 'care more about their cars than savings'

Worrying survey results from Standard Life suggest that British consumers care more about their cars than their pension savings.

According to the firm, just 46 per cent of respondents 'care' about their retirement fund, compared to 54 per cent who worry about the welfare of their motor.

Standard Life found that many consumers are apathetic about savings in general, with relatively few seeking to maximise the income received on their cash reserves.

Some 53 per cent of interviewees said they would not seek specialist savings advice unless they had at least £10,000 to invest.

Mark Polson, head of customer management at Standard Life, said: "Our car and the jewellery we have at home are some of the most important assets we possess. However, these assets are often less valuable than those that aim to secure our financial future.

"By taking an active interest in your finances, such as investing in long-term savings products and staying engaged, your money can work harder for your future."

In positive news for consumers who are concerned about savings interest rates and pension fund performances, the rate of consumer price index inflation fell to 3.4 per cent last month, from 3.7 per cent in April.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-06-16 13:29:31 © Moneyextra.com