Young savers 'to lead the savings charge'

The first HSBC Savings Map of Britain has revealed that consumers are looking to be more ambitious with their money saving plans in 2011.

This follows a difficult 2010, where Brits struggled to access the best savings rates and those who could were not in a position to increase their savings pot.

HSBC's report revealed that people are more optimistic about their savings habits in 2011 with 36 per cent of respondents saying they are planning to save more in 2011.

People aged between 18 and 24 are the most likely to begin saving this year with 56 per cent searching for the best savings rates on the market to make their money work hard for them.

Richard Brown, head of savings at HSBC, said: "2010 was a difficult time for savers, and it is no great surprise that many people had to withdraw more than they put away into savings over the past year."

He added that it was encouraging to see people with good intentions to save in the coming year.

Over half of the population are planning to put more money away in savings accounts in 2011, according to Lloyds TSB.
 

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2011-01-18 13:14:38 © Moneyextra.com