Scottish Widows has expressed concern that 39% of people in the UK do not save for the near future, and that there is a general lack of understanding amongst the general public when it comes to savings and investments.
These points were raised in Scottish Widows’ Savings and Investment Report, which examines various aspects of saving in UK society. It also discovered that 15% of people are only saving 5% or less of their income, and 39% of parents with adult children are paying out an average of £12,300 from their savings to help their offspring.
In response to the report and some of the concerns that it raised, Scottish Widows recommends encouraging the financial industry to work with the government to promote long-term savings, educating the public to improve the understanding of finances and investment and increasing the annual contribution limits for ISA accounts.
Head of savings and investments at Scottish Widows, Gordon Greig, said that the Scottish Widows Savings and Investment Report, “demonstrates the need to understand people’s attitudes to saving, and highlights what needs to be done to encourage the nation to save.”
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