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SAVERS STILL CAUTIOUS DESPITE ENCOURAGING GDP FIGURES

Published by Gbaf News

Posted on July 26, 2014

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Ahead of tomorrow’s GDP announcement by the Office for National Statistics (ONS), which is expected to show continued growth in the economy, a consumer attitudes survey from financial services firm True Potential LLP has revealed that nine in ten Britons remain cautious with their investments.

Consumer confidence in the UK has also risen steadily since the turn of the year, with the latest figures reporting a 13 point increase since January 2014.

However, this consumer confidence is not reflected in True Potential’s consumer attitudes survey of over 2,000 people. Britain is still a nation of cautious savers, with research showing that 71 per cent of people describe their approach to saving as cautious, balanced or defensive. When asked about their investments for the rest of the year 60 per cent said they will take a cautious approach despite the upturn in the economy, with just 11 per cent planning to take more risks.

Younger people are less cautious with their investments, with 17 per cent of 18-34 year olds planning to take a more aggressive approach.

Daniel Harrison, senior partner at True Potential LLP commented: “The economy is showing real signs of improvement but despite this, our research shows, savers remain cautious with their investments.

“The UK is facing a savings crisis, with not enough people saving or people investing their money in accounts that do not beat inflation. Many cash ISAs offer poor interest rates to savers but, our research shows that, 63 per cent of people still plan to invest in cash ISAs alone this year. There needs to be a shift in attitude in Britain towards a culture of saving, in a way that adds value.

“The GDP announcement is really positive news for the economy and now is the time for investors to consider alternative ways to saving in cash alone when looking to invest their money. Currently people are cautious with their investments because they have lost trust with the financial sector.

The full findings of the consumer attitudes survey are detailed in the “Tackling the Savings Gap” whitepaper found athttp://www.tpllp.com/wp-content/uploads/2014/06/tackling-savings-gap-q2-2014.pdf