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."