UK Money News
23rd July 2008
Britons making uninformed decisions over savings products
Many British savers could be choosing savings products offering reduced returns as a result of their failure to understand the impact of inflation, new research suggests.
In a poll from NS&I (National Savings and Investments) 31 per cent of the savers quizzed said that although they understand inflation they do not comprehend how it affects their savings.
A significant proportion of the sample (28 per cent) of the sample was also unaware of how tax impacted on money they had deposited in savings accounts.
John Prout, NS&I's sales director, said: "People are more likely to think about how inflation affects the price of their shopping basket, but not how it affects the value of their savings.
"The RPI is one of the measures of inflation and with it averaging 3.98 per cent last year if we don't put our savings in a tax free account matching or a non tax free account beating this rate then our money will be worth less in the future."
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