New voice for savers

by Gill Montia

Story link: New voice for savers

This week has seen the launch of a new advocacy group which claims 72% of British savers have not been supported or given a fair deal.

According to research from Save our Savers, the Government and policymakers bear the brunt of public blame, but respondents also want financial product providers to do much more to support savers.

The group says it intends to mobilise savers, into a “major force” that cannot be disregarded, galvanising 27 million British adults into a grassroots force for change.

Save our Savers spokesman, Revd John Strain, comments: “Saving for the future, prudently and wisely, is a crucial component of the common good.”

He adds: “Savers have been far off the political radar for decades now … anyone would think the Government doesn’t want people to provide for themselves, doesn’t need enterprise built upon the nation’s savings, and would rather we all borrowed and spent our way into old age dependency.”

Meanwhile, Birmingham Midshires has reported that in the final quarter of 2009 Britons more than doubled the amount they saved in a quarter.

Research by the lender indicates that savers put aside an average £776, up from £329 during the same period of 2008.

However, the amount squirreled away was down from £849 in the second quarter of 2008 and around 38% of people questioned admitted to raiding their savings in the final quarter of last year, withdrawing an average £1,724.

Emergency repairs, overspending and holidays were to blame.