UK is a Nation of Spenders and Mattress Stashers

Research reveals a third of Britons don't own a savings account.

A third of UK citizens do not have a savings account, according to research released today by marketing specialists EuroDirect. 29 % per cent of those asked claim they spend everything they earn each month, with an extra 4% saying they would rather keep their cash under the mattress than entrust it to a bank or savings provider.

However, this figure differs significantly according to age, with 59% of 25 -34 year olds admitting to being either a spender or a stasher, compared to only 19% of older people, aged 65 - 74.

The survey of 1,000 representative UK consumers is food for thought for savings providers, showing that consumers are keeping their options open in terms of where they keep their savings. Less than half (41%) of survey participants said they were happy enough with their savings providers and would be keeping their money where it is in 2009.

21% of people revealed that they had multiple savings accounts, again an indicator that people are opting to spread their money and their options in a bid to keep it safe. Men we found to be more likely than women to be 'spread betters' in terms of savings risk and opportunity, with 24 % of men owning multiple accounts compared to just 18% of women. 14% of respondents, however, said they were not happy with their current provider, but were too worried or concerned about the hassle involved to change provider.

The research also indicates that people have been including financial pledges in their New Year's resolutions this year, with 7% of respondents saying they have just opened a brand new savings account.

Leanne Davidson, head of product management and marketing at EuroDirect, comments:
"The financial situation is really hitting consumers hard and it's not surprising that people are thinking seriously about where they should be keeping their money.  It's concerning that so many people do not have savings, not only in terms of their future, but also as it indicates a lack of trust in the savings products that UK institutions have to offer.

"According to the research, even those who do have savings are likely to keep multiple accounts, which is another stark warning to the financial community that they need to do more to keep their customers satisfied and loyal."


Notes to Editors

About the Callcredit Information Group
Callcredit Information Group (www.callcreditgroup.com) brings together experts across the fields of credit referencing, marketing services, interactive solutions and consultative analytics to enable our client base of businesses and consumers to make informed decisions using our innovative products and services. The group is made up of two complementary divisions:

Marketing Solutions, providing specialist knowledge in customer analytics, consumer targeting, database building and hosting, marketing communications, business modelling and market analysis through three market leaders in their own fields: EuroDirect, Broadsystem and GMAP Consulting.

Credit Solutions, encompassing Callcredit, Legatio and DecisionMetrics - specialists in credit risk, ID verification services and tracing tools.

About EuroDirect
EuroDirect (www.eurodirect.com), the marketing services business within Callcredit information group and is one of the UK's leading marketing suppliersThe company is well established in the field of direct marketing. Clients include over 40% of the UK's top 1,000 companies, including three of the top five largest multi nationals Examples are Npower, Airmiles, Capital One, Scottish and Southern, Barclaycard and HBOS. EuroDirect is a prime supplier of consumer data, targeting and segmentation systems, credit marketing services and software and technologies to help marketers undertake consumer profiling, analysis, targeting, data management, market analysis and decision support. EuroDirect also works internationally and has developed a suite of international segmentation tools under the CAMEO brand.