savings

Three quarters of Gen Z participate in social media-driven savings challenges

17th July 2024 Consumer Lending | #savings

Social media may be inspiring a new generation of savvy savers and fiscally responsible young adults, with 74% of Gen Z participating in social media-driven challenges to boost their overall savings according to research by NatWest Savings Index. In comparison to other age groups, Gen Z are the most likely of any generation to budget.…

Midlifers need six times their current savings for ‘comfortable’ retirement

31st January 2024 Drafts | #savings

Research by Phoenix Group has found achieving a comfortable retirement is the top long-term savings goal for people in midlife, but many face an uphill challenge to meet this standard. Midlife is a key life stage which often prompts people to think about their future finances, with retirement less than 10 years away for some…

Two-thirds people feel that big banks prioritise profits over supporting savers

5th December 2023 Consumer Collections | #savings

New research by Chetwood Financial has found that two-thirds of people (65%) feel that big banks prioritise profits over supporting savers. The majority of consumers say they are unhappy with high-street banks, believing they have prioritised profits over passing higher interest rates on to savers and believe that mainstream banks are putting their profits ahead…

One in four say rising prices have forced them to eat into savings

23rd October 2023 Consumer Lending | #savings

One in four people (26%) say rising prices have forced them to eat into savings – and one in 20 (5%) say it has forced them to empty their accounts according to research by by Opinium for Hargreaves Lansdown. The research found that higher rate taxpayers are much more likely to have spent some at…

Three quarters of parents feel guilty about not saving more money for their kids

28th September 2023 Consumer Lending | #savings

Nearly three quarters (74%) of parents feel guilty they are not saving enough for their kids according to new research by leading financial mutual Scottish Friendly. A study of 1,000 parents found that nearly three quarters (74%) of parents admit to feeling guilty about their children’s savings. Nearly nine in ten (87%) worry about how…

FCA tells banks to improve rates for savers

7th July 2023 Consumer Lending | #savings

The Financial Conduct Authority (FCA) has told the UK’s largest banks to do more to improve returns for savers following months of criticism over the gulf between the cost of mortgages and rates offered on easy-access savings accounts. In a statement after the meeting with senior executives from Barclays, Lloyds Banking Group, NatWest and HSBC, the regulator said they had…

Banks criticised for shortchanging savers and not passing on interest rate hikes

30th May 2023 Consumer Lending | #savings

Meagre savings rates offered by high street banks are shortchanging customers by hundreds of pounds every year compared to deals from challenger banks, Which? analysis of rates stretching back three years has found. The consumer champion’s in-depth research looked at six types of accounts: instant access savings accounts and Isas; one-year fixed-rate savings accounts and…

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