UK adults could lose out on a combined £100m a year by not investing their savings
UK adults could be losing out on a combined £100m a year by not investing their savings, according to research published today.
A survey of over 2,000 adults by money app Yolt found one-in-four leave their savings in their current account and 14 per cent do nothing with their savings at all.
On a nationwide scale that could mean almost 7.4m UK residents are overlooking their savings.
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According to Yolt and economics consultancy CEBR, if the estimated 7.4m adults who do not invest their savings placed £83 per month (£1000 per year) in a fixed rate ISA at 1.43 per cent, then their potential combined earnings could exceed £100m a year.
The research showed a lack of monetary confidence among UK adults with fewer than half of respondents feeling comfortable about making financial investments.
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Cristel Lee Leed, chief marketing officer at Yolt, said: “The start of a new financial year is a great time to find that positive money mindset and revisit your savings routines. Principles such as paying yourself your savings first on payday, can be a great way to start the month on the right foot.”
She added: “Saving is the first step in developing healthy money habits and if more people have the confidence to do so, they can then experiment with diversifying their savings into investments, such as stocks and shares ISA’s.”