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Savings Top Agenda for Consumers in 2008 - Top Tips for Savers

Personal_Finance / Savings Accounts Jan 01, 2008 - 03:19 PM GMT

By: Nationwide

Personal_Finance Research* from Nationwide Building Society has revealed that when it comes to finances, the number one New Year's resolution is to save more money in 2008. Nearly half of all respondents said that the one change they wanted to make in the New Year involved their savings, with 48% admitting they either wanted to save more or actually start saving money.


The survey found that 26% of men and 24% of women said that saving more was the most important change they needed to make in the New Year. The age group that was most concerned with changing its saving habits were 18-24 year olds, with 65% saying they would like to improve their savings** in 2008. 34% of savers aged over 55 also indicated that they would also like to save more*** in 2008.

Respondents were asked what their number one financial New Year's resolution would be in 2008 and the top 10 responses were:

  1. Save more money (25%)
  2. Start saving money (23%)
  3. Find a better paying savings account (8%)
  4. Get rid of unwanted credit cards (6%)
  5. Sort out TV, phone, broadband, mobile deals (5%)
  6. Sort out financial paperwork (3%)
  7. Find a better mortgage deal (3%)
  8. Cancel unused subscriptions or direct debits (3%)
  9. Have a proper savings plan (2%)
  10. Get a current account that pays interest (2%)

Stuart Bernau, Nationwide executive director, said: "The economic climate over the last few months will undoubtedly have made people sit up and think about their own financial wellbeing, so it is not surprising that for many, saving more in 2008 is top of the agenda. New Year's resolutions can fall by the wayside as the year goes on, but by making one resolution and sticking to it you can really make a difference to your finances. Simple changes, such as ensuring you utilise your annual tax-free allowance or by making monthly contributions to a regular saving account can help you make the most of your savings."

Top tips for savers

  • Ensure that you use your tax-free allowance every year. Nationwide offers tax-free ISAs paying up to 6.15% with no hidden catches.
  • If you want to save a certain amount every month, start a regular savings account but make sure you read the small print. Some accounts penalise you for making a withdrawal which can seriously reduce the return you receive on your savings. Unlike other regular savings accounts, Nationwide's Regular Savings does not penalise savers for missing a monthly payment as interest will still be paid.
  • Look for an account which offers long term good value. Many savings providers offer high headline rates which only last for a fixed period of between six and 12 months, after which the account will earn a lower rate of interest.
  • If you're easily tempted to access your savings consider a notice account.
  • Review your current savings provider and see whether you could get a better rate elsewhere.

Lynsey Hallam, 01202 562256, lynsey.hallam@nationwide.co.uk
Roy Beale, 01793 655189, roy.beale@nationwide.co.uk

Notes:

*Research based on a sample of 1,000 respondents, conducted by Marketing Sciences' PanelWizard for Nationwide Building Society (December 2007).

**Internet savvy savers may like to consider Nationwide's e-savings account, which currently pays 5.80% on a minimum deposit of £1.

***Nationwide's Monthly Income 60+ account offers a guaranteed regular income for the over 60s. The account currently pays 5.86% on a minimum deposit of £1 and guarantees to match or better the Bank of England Base Rate until 31 January 2011.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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