The internet grows savvy savers

The internet has proved to be a valuable resource for people trying to get to grips with their finances.

Phil Perry, director at Ark Financial Planning, said that resources online, especially comparison sites, have given young people the tools they need to make sure they are getting the best deals and saving money.

"The younger generation have access to the internet and are far more savvy with the internet than the older generation. So it a lot easier for them to do the research online to check what it is they actually need and find the best rates that are available," he explained.

Even if people do have money in the bank, they still need to save as it takes a lot of time and commitment at the moment to build up the funds for the deposit for a first house.

For this reason, searching around for the best interest rates is hugely beneficial as every little helps when young people have other significant commitments like student loans to pay off.

"In terms of whether they are savvy with their savings, I think they have to be," Mr Perry added.

This was a view echoed by Ed Bowsher, head of consumer finance at lovemoney.com, who said that dealing with the effects of the recession has forced people to take greater stock of their budget.

He said that most Brits are more conscious of where their money is being spent and are keener to do something if they don't think they are getting good value.

In addition, there is a greater awareness about the dangers of getting into debt, with people now trying to save more and borrow less.

However, he conceded that in some cases this can be easier said than done.

"Unemployment will probably carry on rising for a while yet. And if you don't have a job, it's hard to keep your debt under control," Mr Bowsher said.

If you're trying to save for the future contact Moneyextra. We offer a range of services that will help you find the best savings rates for you.

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2012-01-26 13:10:25 © Moneyextra.com