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Press release

CYNICISM SWEEPS BRITAIN'S SAVERS

04 November 2003

Research from National Savings and Investments (NS&I) has found that British savers are sceptical about headline-grabbing rates. More than half (55%) of Britons do not believe that savings products, which currently offer attractive rates, will be offering attractive rates in a year's time, while only one in three (34%) of Britons do. Results show that consistency and value for money are key issues for savers.

Who are the most cynical?

The most cynical age group is 35-44 year-olds with two thirds (63%) refusing to believe that currently attractive savings rates would still be attractive in a year's time, compared to 45% of 16-24 year-olds who are the least cynical.

What are the most important considerations for savers?

One in three (35%) people cite value for money as the most important factor when considering the rate of return on a savings product and is closely followed by one in four (23%) requiring a consistent rate of return. Savers are looking for a dependable rate of return offering value and consistency for their money.

Peter Cornish, head of customer offer at National Savings and Investments said:

"Value for money and consistency are the watchwords for British savers who are cynical about headline-grabbing rates believing that rates which are attractive one year will not be the next.

"Our policy at National Savings and Investments is to offer fair and consistent pricing ensuring our customers a competitive return on their money over the longer term."

ENDS

NOTES TO EDITORS

1.The National Savings and Investments survey was conducted by TNS via CATI between 8th-10th August 2003. The sample size was 1,011 GB adults aged 16+.

• Do you believe that savings products, which currently offer attractive rates, will still be offering attractive rates in a year's time?

Answer	Percentage
Yes	34%
No	55%
Don't know	11%

• When you are considering the rate of return on a savings product, what is the most important factor?

Answer	Percentage
The belief the rate of return will always be value for money	35%
The belief the rate of return will always be consistent	23%
The belief the rate of return will always be a best buy	14%
The fact the product is with a company that you have a current account/mortgage with	12%
Don't know	16%

• National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products (to 30 million customers). All products offer 100% security because they are backed by HM Treasury.
• NS&I is the exclusive sponsor of The Classical BRIT Awards, the UK's premier classical awards show, at the Royal Albert Hall on 26 May 2004.
• Further information on NS&I, including press releases and product information, is available on the website at www.nsandi.com. For further information and photographs, contact the NS&I media team:

	Mark Brooks	020 7348 9301	mark.brooks@nsandi.com
	Jonathan Akerman	020 7348 9433	jonathan.akerman@nsandi.com
	Samantha Bennett:	020 7348 9654	sam.bennett@nsandi.com
	Wendy Franklin	020 7348 9449	wendy.franklin@nsandi.com
	ISDN for interviews	020 7602 4522
	Out of hours	All numbers above diverted to staffed mobile phones

Media team
NS&I has a number of spokespeople available for interviews and our experienced radio team is available via our ISDN line: 020 7602 4522.

The numbers below are for media use only. Customers wishing to contact NS&I can find details here.

Gill Stephens		020 7348 9449
		gill.stephens@nsandi.com
Iman Asante		020 7348 9301
		iman.asante@nsandi.com
Angela Mason		020 7348 9433
		angela.mason@nsandi.com
ISDN for interviews		020 7602 4522
Out of hours		All numbers above diverted to staffed mobile phones

 

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