More Britons considering their savings

Wednesday, June 2nd 2010

The number of people considering their savings is almost 20 per cent up on six months ago, new research suggests.

A study by Fairinvestment.co.uk shows the low base rate of 0.5 per cent is forcing Britons to spend time mulling over their best options.

Some 86 per cent now say they are thinking about how best to utilise their cash, up from 67 per cent half a year ago.

"The Bank of England base rate has been 0.5 per cent for 15 consecutive months now … so it is no wonder that people are ready to review products that aren't performing," says the website’s head of pensions and investments George Ladds.

He adds the improving economic situation could be tempting consumers into moving away from the safest options and considering those that offer long-term growth.

Campaign group Save Our Savers recently urged the new government to do all it can to protect those who have built up savings.