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Consumer of 2020 will save twice as much, says Alliance & Leicester

15 November 2004
According to a new survey by Alliance & Leicester the average consumer in the year 2020 will have twice as much money to spend and save than people in 2004.

The report, entitled The Banking Revolution, predicts that the average income will be £50,000 a year by then - even adjusting for inflation this represents a jump to £38,000 a year.

But this new found wealth - coupled with an increase in internet banking, will lead to consumers in the UK market becoming increasingly demanding.

"Higher incomes will lead to larger balances . . . and as such we will be less prepared to put up with poor deals," said Chris Rhodes, managing director of the Alliance & Leicester retail bank.

"The result could be a significant exodus from uncompetitive providers changing the face of the banking market as we know it today."

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