Savers making the best of thingsNew survey from Standard Life

18 July 2011

Standard Life piggy bank

People are still saving for that 'rainy day'

A new survey from Standard Life shows that savers are still managing to put some money away despite the difficult financial climate that we continue to face.

Two-fifths (41%) of Britons have saved the same amount of money, or more, in the last year compared with the same period 12 months before, according to research by Standard Life.

The findings, by the long-term life and savings company, show that despite the backdrop of austerity measures and fiscal tightening the public is still being financially responsible. Check out our Best Rate savings tables if you have some money to put away and want to find the very best rate.

A sensible approach to saving

John Lawson, Head of Pensions Policy at Standard Life, said: 'It is encouraging to see that even when the public is faced with increasing financial pressures, with inflation pressures and rising utility costs to name but a few, they're taking the sensible approach by saving their money.

'Savings, whether it is for a new home, holiday or the long term is vitally important. People don't have to set aside a lot of money to feel the benefit of an investment in the future. Whether it's putting it into a mutual fund, pension or ISA, a little is better than nothing at all.'

Making your savings work hard

Paul Davies, savings analyst at Which?, commented: 'Many people won't be in a position to save at the moment, but if you are able to put some money aside for a rainy day, you should ensure that you're getting the best savings rate available at the moment.

'There are still some decent rates to be found if you're prepared to switch and now is a good time to review your savings to make sure that they're working as hard as possible. Fixed-rate deals are a good option for those able to tie up their money for a while.'

pound coins

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