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Bank refunds: More people saving, expert claims

People who have had to obtain bank refunds may not be surprised to hear that more people are saving due to the current economic climate.

According to Annie Shaw, editor of finance website, people are conserving their resources because of the poor economy.

She claims that uncertainty about jobs and the economic future is leading people to save up money.

"One feels less confident about one's own economic future. You may have less money to spend [and] be fearful about your job, and therefore your inclination is to save more.

"It makes us as individuals feel much more secure because we've got our own nest egg that we've paid for ourselves," she said.

Ms Shaw added that prior to the recession people could easily obtain credit if they needed to but that this is no longer the case.

Last week (May 5th) the Bank of England's Monetary Policy Committee voted to maintain the Bank Rate at 0.5 per cent.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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