Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Reverse REPO Market Brewing Financial Crisis Black Swan Danger - 29th Jul 21
Next Time You See "4 Times as Many Stock Market Bulls as There Are Bears," Remember This - 29th Jul 21
USDX: More Sideways Trading Ahead? - 29th Jul 21
WEALTH INEQUALITY WASN'T BY HAPPENSTANCE! - 29th Jul 21
Waiting On Silver - 29th Jul 21
Showdown: Paper vs. Physical Markets - 29th Jul 21
New set of Priorities needed for Unstoppable Global Warming - 29th Jul 21
The US Dollar is the Driver of the Gold & Silver Sectors - 28th Jul 21
Fed: Murderer of Markets and the Middle Class - 28th Jul 21
Gold And Silver – Which Will Have An Explosive Price Rally And Which Will Have A Sustained One? - 28th Jul 21
I Guess The Stock Market Does Not Fear Covid - So Should You? - 28th Jul 21
Eight Do’s and Don’ts For Options Traders - 28th Jul 21
Chasing Value in Unloved by Markets Small Cap Biotech Stocks for the Long-run - 27th Jul 21
Inflation Pressures Persist Despite Biden Propaganda - 27th Jul 21
Gold Investors Wavering - 27th Jul 21
Bogdance - How Binance Scams Futures Traders With Fake Bitcoin Prices to Run Limits and Margin Calls - 27th Jul 21
SPX Going for the Major Stock Market Top? - 27th Jul 21
What Is HND and How It Will Help Your Career Growth? - 27th Jul 21
5 Mobile Apps Day Traders Should Know About - 27th Jul 21
Global Stock Market Investing: Here's the Message of Consumer "Overconfidence" - 25th Jul 21
Gold’s Behavior in Various Parallel Inflation Universes - 25th Jul 21
Indian Delta Variant INFECTED! How infectious, Deadly, Do Vaccines Work? Avoid the PCR Test? - 25th Jul 21
Bitcoin Stock to Flow Model to Infinity and Beyond Price Forecasts - 25th Jul 21
Bitcoin Black Swan - GOOGLE! - 24th Jul 21
Stock Market Stalling Signs? Taking a Look Under the Hood of US Equities - 24th Jul 21
Biden’s Dangerous Inflation Denials - 24th Jul 21
How does CFD trading work - 24th Jul 21
Junior Gold Miners: New Yearly Lows! Will We See a Further Drop? - 23rd Jul 21
Best Forex Strategy for Consistent Profits - 23rd Jul 21
Popular Forex Brokers That You Might Want to Check Out - 22nd Jul 21
Bitcoin Black Swan - Will Crypto Currencies Get Banned? - 22nd Jul 21
Bitcoin Price Enters Stage #4 Excess Phase Peak Breakdown – Where To Next? - 22nd Jul 21
Powell Gave Congress Dovish Signs. Will It Help Gold Price? - 22nd Jul 21
What’s Next For Gold Is Always About The US Dollar - 22nd Jul 21
URGENT! ALL Windows 10 Users Must Do this NOW! Windows Image Backup Before it is Too Late! - 22nd Jul 21
Bitcoin Price CRASH, How to SELL BTC at $40k! Real Analysis vs Shill Coin Pumper's and Clueless Newbs - 21st Jul 21
Emotional Stock Traders React To Recent Market Rotation – Are You Ready For What’s Next? - 21st Jul 21
Killing Driveway Weeds FAST with a Pressure Washer - 8 months Later - Did it work?- Block Paving Weeds - 21st Jul 21
Post-Covid Stimulus Payouts & The US Fed Push Global Investors Deeper Into US Value Bubble - 21st Jul 21
What is Social Trading - 21st Jul 21
Would Transparency Help Crypto? - 21st Jul 21
AI Predicts US Tech Stocks Price Valuations Three Years Ahead (ASVF) - 20th Jul 21
Gold Asks: Has Inflation Already Peaked? - 20th Jul 21
FREE PASS to Analysis and Trend forecasts of 50+ Global Markets by Elliott Wave International - 20th Jul 21
Nissan to Create 1000s of jobs with electric vehicle investment in UK - 20th Jul 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Savings Top Agenda for Consumers in 2008 - Top Tips for Savers

Personal_Finance / Savings Accounts Jan 01, 2008 - 03:19 PM GMT

By: Nationwide

Personal_Finance Research* from Nationwide Building Society has revealed that when it comes to finances, the number one New Year's resolution is to save more money in 2008. Nearly half of all respondents said that the one change they wanted to make in the New Year involved their savings, with 48% admitting they either wanted to save more or actually start saving money.


The survey found that 26% of men and 24% of women said that saving more was the most important change they needed to make in the New Year. The age group that was most concerned with changing its saving habits were 18-24 year olds, with 65% saying they would like to improve their savings** in 2008. 34% of savers aged over 55 also indicated that they would also like to save more*** in 2008.

Respondents were asked what their number one financial New Year's resolution would be in 2008 and the top 10 responses were:

  1. Save more money (25%)
  2. Start saving money (23%)
  3. Find a better paying savings account (8%)
  4. Get rid of unwanted credit cards (6%)
  5. Sort out TV, phone, broadband, mobile deals (5%)
  6. Sort out financial paperwork (3%)
  7. Find a better mortgage deal (3%)
  8. Cancel unused subscriptions or direct debits (3%)
  9. Have a proper savings plan (2%)
  10. Get a current account that pays interest (2%)

Stuart Bernau, Nationwide executive director, said: "The economic climate over the last few months will undoubtedly have made people sit up and think about their own financial wellbeing, so it is not surprising that for many, saving more in 2008 is top of the agenda. New Year's resolutions can fall by the wayside as the year goes on, but by making one resolution and sticking to it you can really make a difference to your finances. Simple changes, such as ensuring you utilise your annual tax-free allowance or by making monthly contributions to a regular saving account can help you make the most of your savings."

Top tips for savers

  • Ensure that you use your tax-free allowance every year. Nationwide offers tax-free ISAs paying up to 6.15% with no hidden catches.
  • If you want to save a certain amount every month, start a regular savings account but make sure you read the small print. Some accounts penalise you for making a withdrawal which can seriously reduce the return you receive on your savings. Unlike other regular savings accounts, Nationwide's Regular Savings does not penalise savers for missing a monthly payment as interest will still be paid.
  • Look for an account which offers long term good value. Many savings providers offer high headline rates which only last for a fixed period of between six and 12 months, after which the account will earn a lower rate of interest.
  • If you're easily tempted to access your savings consider a notice account.
  • Review your current savings provider and see whether you could get a better rate elsewhere.

Lynsey Hallam, 01202 562256, lynsey.hallam@nationwide.co.uk
Roy Beale, 01793 655189, roy.beale@nationwide.co.uk

Notes:

*Research based on a sample of 1,000 respondents, conducted by Marketing Sciences' PanelWizard for Nationwide Building Society (December 2007).

**Internet savvy savers may like to consider Nationwide's e-savings account, which currently pays 5.80% on a minimum deposit of £1.

***Nationwide's Monthly Income 60+ account offers a guaranteed regular income for the over 60s. The account currently pays 5.86% on a minimum deposit of £1 and guarantees to match or better the Bank of England Base Rate until 31 January 2011.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in