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Bank charges: Consumers 'not saving' for the long-term

Consumers who are already facing rising bank charges are still not putting enough money into their long-term savings, according to an industry expert.

Jasmine Birtles, founder of the financial website moneymagpie.com, claimed that many Britons are still yet to fully grasp the idea of saving for the future.

"People are still thinking short-term or medium-term. The prime thing people put money away for is a rainy day," she said.

"A lot of people are worried about their job and they want to at least be able to cope for a month [if they lose their job]. I think when it comes to long-term savings they're still not doing anything like as much as they should be."

Around 3.2 million consumers would sacrifice a month's salary for a once in a lifetime experience, according to research from Scottish Widows.

The study also revealed that more women than men are happy to spend as much as they can afford on their life's dreams.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800604171-ADNFCR



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