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Media centre /
Press releaseWHAT STOPS BRITS FROM SAVING?25 March 2004NS&I reveals security is key for saversFears that savings can't be guaranteed would stop most Brits choosing a particular home for their savings, according to research by National Savings and Investments (NS&I). For two-thirds (61%) of those questioned, lack of security would put them off investing in a particular savings product, while almost half (47%) thought poor customer service the biggest turn-off. Nearly half (45%) also said they would be put off by banking jargon they didn't understand. Roughly four in 10 (42%) people said that fees and charges and complicated terms and conditions would stop them from investing in a particular savings vehicle. Four in 10 (42%) also said they would be put off by an uncertain rate of return, perhaps because past experience has meant they haven't received the rate of return expected when they initially invested. High street Being able to access their savings on the high street was crucial for well over a third (39%) of people. Internet-only accounts The age of the internet may have dawned, but the majority of people wouldn't have confidence saving in an internet-only account. Four in 10 (39%) people said they most trust an easy access account, accessible through branches and automated teller machines (ATMs); 10 times the number who would choose an internet-only account (4%), suggesting that internet-only providers have some way to overcome security fears. Nearly one in 12 (8%) people didn't know which form of savings they trusted most, illustrating just how confusing the choice is for many potential savers, and shedding some light on one of the possible root causes of the savings gap. The research bears out some savers' fears, says independent financial adviser, Karen Ritchie, of Cambridgeshire-based IFA Finance4Women: "Security and trust are the watchwords in many savers' vocabulary. They want to know that the money they are saving is going to be totally safe and that they are investing in a trustworthy financial provider. "It may be that peoples' concerns over security and trust are stopping them from saving, but putting your money into a financial provider like National Savings and Investments is much safer than hiding it under the mattress." Gill Cattanach, marketing director at National Savings and Investments, "Savers don't want to contend with complicated terms and conditions or to read brochures filled with jargon they don't understand. "The first step in developing our latest savings account was to spend time talking to our customers to find out what would make saving easier and more attractive for them. We think our new Easy Access Savings Account offers people a straightforward way to save, with the high street access through ATMs and 17,000 Post Office® branches that suits them and competitive interest rates that helps them build a nest egg. All this, combined with NS&I's unrivalled security." The Easy Access Savings Account can be opened: Ends Notes to EditorsThe National Savings and Investments survey was conducted by TNS via PhoneBus, between 12 - 14 March 2004. The sample size was 1,020 adults aged 16+. Q1. Which of the following would stop you from choosing a particular savings product?
Q2. Which one of the following form of savings products, if any, do you trust more?
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% capital security, because they are backed by HM Treasury. The Easy Access Savings Account cannot be opened over the counter at Isle of Man, Channel Islands, and BFPO post office branches. The Easy Access Savings Account card conforms to the LINK card scheme and current UKIS ATM standards. Customers will need their card when making deposits and withdrawals over the counter at Post Office® branches and when making withdrawals at ATMs. The card PIN can be changed by writing to National Savings and Investments or by self-selection at Moneybox ATMs. 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 and digital images are available from the NS&I media team. An ISDN line is available for interviews. NS&I Media Team
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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