Saving has become “sexy”

Young people are getting into the savings habit as putting money away becomes “sexy”, it has been claimed.

Emma Byrne, savings expert, explained that 18 to 34-year-olds are seeing saving as more of a financial priority than the over 55-year-olds.

“There’s less of this bravo culture of saying ‘I’ve got loads and loads of money on my credit card‘,” she said. “People are realising that this mass-consumerism and ‘have it all’ society are beginning to fade away.”

Ms Byrne added that a third of Brits are putting their spare cash in a savings account at the end of the month.

She advised people not to just put their savings in a current account, but to seek a high interest account at around 6.5 per cent.

This week, David Black of Defaqto claimed that savers can reap the benefits of extremely high interest rates if they choose to lock into an account for a set period of time, reported the Metro.

© Adfero Ltd

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