UK Money News
30th April 2008
Long term savers urged to take more risks
Long term savers should consider alternatives to savings accounts to ensure a good return on their capital, according to a new consumer guide.
In the current financial climate more and more savers are opting for the security of savings accounts due to the fact that these are perceived as risk-free.
However, according to Jonquil Lowe, author of Save and Invest, a Which? essential guide, the rates typically offered on such accounts are frequently only slightly above inflation.
As a result, she said, other options should be considered such as shares and spreading their money across a range of assets to manage risk.
She explained: "There is no such thing as risk-free saving. Even sticking cash under the mattress is a fairly risky strategy, as your capital will be seriously eroded by inflation over time.
"The key to all successful long-term saving or investment is to make sure you've done your homework, understand the options and, if you're uncertain, take sound financial advice."
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