Brits want simple savings accounts

As well as looking for the best savings rates, Brits want financial products that are easy to understand, it has been claimed.

According to research commissioned by the Institute of Financial Planning IFP and National Savings and Investments as part of Financial Planning Week, the majority of adults 91 per cent would be more likely to put cash aside if accounts were easier to understand and more flexible.

The study also highlighted the extent to which people worry about their finances, with 59 per cent admitting to being concerned.

Nick Cann, chief executive officer of IFP, said: "This survey has indicated yet again that consumers are worried about their financial position, yet they are not taking appropriate financial planning steps to improve it. They are confused by the range of products available and lack confidence in them too."

Another study by IFP highlighted that women are more careful with their cash than men, with 67 per cent saying they are more frugal than they were a year ago.
 

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

Back

2010-11-26 07:46:10 © Moneyextra.com