86% will review their savings while base rate is 0.5%
78% are looking for growth products
Just 5% say they are nervous of current climate
86% say the current low interest rate environment makes it more important for them to review their savings, according to the latest research from Fair Investment Company - a 20% increase on six months ago.
When polled in October, 67% said they were planning to review their savings as a result of low interest rates, now, six months on, that figure has increased to 86%.
Fair Investment Company's head of pensions and investments, George Ladds says he is not particularly surprised by the figures.
"The Bank of England base rate has been 0.5% for 15 consecutive months now, while the average instant access savings account rate is just 0.73%, so it is no wonder that people are ready to review products that aren't performing," he said.
Back in October, of those who said they would be reviewing their savings, 53% said it was in search of higher returns and 47% said it was to boost their income. Now, the percentage looking for growth has risen to 78% but those searching for income has fallen to just 22%.
"It is interesting that there has been a bit of a shift from income to growth," said George. "It could be to do with the fact that people are less nervous now and are therefore more prepared to move out of safer cash products to look at longer term investment growth plans than they were six months ago.
"That is certainly backed up by our survey which found that six months ago, 12% of respondents said they were nervous of the current climate, now, the figure is just 5%."
George says that it is important to review all your savings, whether in cash or in other investment products to make sure you are getting the most from your money.
"Financial needs change over time, as do the performance of different types of savings," says George, "which is why it is important to review them regularly to make sure you are still getting the most out of your money.
"Whether you are looking for income or growth, with our service you can find all the information you need about savings and investment products, including, for example, cash investments, structured investment products and investments funds."
"And for those who are not happy doing everything themselves, we also have an independent investment advisory service which offers a no obligation initial assessment."