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Credit card charges: Brits should encourage a 'greater savings culture'

There should be greater efforts to encourage a savings culture in Britain, according to Andy Zanelli, head of retirement planning at AXA Wealth.

Reports have shown that people who want to save small amounts regularly are being refused help from high street banks, while the same places are more than happy to talk to anyone with a nest egg of £50,000 or more.

"We stand at a crossroads on the road to getting the nation saving; initiatives like auto-enrolment are a positive step, but the government needs to get the advocacy and engagement of advisers and employers quickly," said Mr Zanelli.

He added that a savings culture will not appear overnight, as there needs to be a huge shift in the average person to get into this mindset, but it is integral for those who want a comfortable future.

Savings can be used for a retirement, a big investment or even a rainy day when they have to fork out on credit card charges, for example.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801527731-ADNFCR



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