Consumers move towards savings investments

The number of people who see property as a safe long-term investment has fallen to its lowest level since 2008 as people prefer to access the best savings rates in a bid to save for their future.

Figures from the Association of British Industries ABI quarterly consumer survey reveal that savings accounts, stocks and shares and national savings have all seen a rise in popularity as confidence in property drops.

Of the 2,500 people who took part in the survey, 34 per cent saw property as the best long-term investment in the last quarter of 2010, down from 49 per cent.

Helen White, the ABI's acting director of life and savings, said: "For the vast majority of savers, a pension should be a fundamental part of their savings plan. Pensions attract generous tax relief and, through life styling, can reduce risk as people approach retirement."

According to a recent Lloyds TSB survey, 44 per cent of Brits are planning to focus their attentions on putting more money into savings accounts during 2011.
 

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2011-01-26 13:59:08 © Moneyextra.com