Savers need to get savvy with their cash - Karen Barrett, Chief Executive of unbiased.co.uk, comments following July’s consumer price index (CPI) inflation announcement

Savers need to get savvy with their cash - Karen Barrett, Chief Executive of unbiased.co.uk, comments following July’s consumer price index (CPI) inflation announcement:

“With the UK’s inflation rate persisting at above the Bank of England’s target of 2% and only a slight fall in the consumer price index to 2.8% in July, savers need to be taking action with their cash to guard against current low levels of interest. Our latest data shows savers are continuing to stick to the tried and tested of savings accounts, with 61% of savers preferring to keep their money in cash accounts, while 15% of cash-savers believe they can get better rates with a deposit account or a cash ISA than they could with investing. For those who are sticking with their cash savings it’s crucial that they shop around to get the best rate available to them. But with Mark Carney indicating that interest rates are unlikely to rise until unemployment figures fall, it’s important to ensure you are making the most of your savings, whether that be by ensuring you have the best savings rate or that you are maximising returns through investing.

“We know from our data that one in ten savers (12%) think the process would be too complicated but those unsure of how to go about investing or know which investment products are right for them would really benefit from speaking to a financial adviser. Not only can they take a look at your overall financial plan but they will talk you through your investment options, assess your attitude to risk, and give you the knowledge and confidence to invest in what’s right for you. To find a whole of market financial adviser near you visit www.unbiased.co.uk.”

ENDS

Notes to editors:

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