Growth investment products are more popular than income products according to the latest research by Fair Investment Company.
The firm, that polled savers in October and April has found that the percentage of savers looking for growth investment products has increased from 47% six months ago to 78% now, while those looking for income from their investments has gone down from 53% to just 22%.
The survey also revealed that 86% of savers are sick of the low rates on savings accounts are looking to review their savings while the base rate remains at 0.5%.
"The Bank of England base rate has been at 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," said George Ladds, Fair Investment Company's head of pensions and investments
"And it is interesting that there has been a bit of a shift from income to growth," he continued. "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 because financial needs change over time, as do the performance of different types of savings, 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.
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