UK Money News
22nd May 2008
Savers 'more cautious even before collapse of Rock'
As well as high profile news stories of heavy losses for banks, a number of other influences have contributed to the more cautious approach being taken by savers, according to one of UK's largest building societies.
Steve Urwin, a senior marketing executive at the Newcastle Building Society, concedes that perhaps the most important factor in influencing savers' reduced appetite for risk is the crisis that affected Northern Rock.
However, as well as this other trends have been crucial in affecting the mood among savers, he said.
Mr Urwin commented: "The credit crunch has obviously had a huge impact in consumer confidence and the events at Northern Rock have certainly increased awareness of investor protection scheme.
"However, even prior to the events of last summer, stock market performance was uncertain and so we had already seen investors moving away from any high-risk products."
Among the savings products now most in demand at the Newcastle are fixed rate bonds and Guaranteed Equity Bonds, Mr Urwin said.
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