Saving will grow in ‘popularity’

An increasing number of consumers are to save their money rather than spend it, according to comments made by one expert.

Donna Bradshaw, a financial planning strategist with IFG Financial Services, stated that many Britons have “been used to spending a lot”.

However, the changes in the economy are to prompt a new trend, she said.

“I think we’re going to see a shift back to saving. It tends to happen after you get a bit of a spending glut,” Ms Bradshaw remarked.

She added that Brits have had “an obsession with property” for many years, but money is no longer as cheap as it used to be.

According to the Building Societies Association, April saw the highest ever amount of deposits into individual savings accounts held at building societies.

Furthermore, the month also recorded a record savings contribution into building societies of £1.8 billion.

© Adfero Ltd

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