Unfair Savings Deals For 73 percent Of Brits

07 February 2010 / by Andy Davies

Nearly three quarters of savers are not being given a fair deal or adequate support, a new independent report has claimed.

According to the campaign group, Save Our Savers, who published the report, 72 per cent of savers believe they are not being given appropriate support or a fair deal to help them save for the future, while only one in 10 savers believe they are getting a fair deal.

The Government appears to be bearing the brunt of the blame as 47 per cent of Brits said they are looking for the current or future Government to provide more incentives to save.

Meanwhile, four out of five Brits suggest there has been too much encouragement from the banks and the Government to borrow over recent years rather than save.

As part of its campaign, Save Our Savers is aiming to get reassurances from the Government that it will provide savers with a “meaningful level of shelter” in the event of any future slumps in interest rates.

Commenting, Revd John Strain, spokesperson for Save Our Savers said: “Saving for the future, prudently and wisely, is a crucial component of the common good. Savers have been far off the political radar for decades now, but the disregard for the plight of savers has shattered public trust in the policymakers.”

Despite many savers feeling disappointed with the service they have received from providers in the past, Save Our Savers has revealed it has not affected their enthusiasm for saving.

The report found that 73 per cent of people still feel it is worthwhile saving, despite the recession and lower interest rates. Of these people, 56 per cent continue to save for a ‘rainy day’, and a further 10 per cent said they are now trying to save more to recover recent losses.

Welcoming these findings, Revd Strain added: “Our research proves that, even through muddled policy and active discouragement, you can’t kill the people’s prudent impulse to save.”

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Written by Editorial Team