Savings accounts are now used less frequently by consumers, an expert has said.
Holders of savings accounts such as fixed rate bonds or ISAs less money in their products in recent months, an expert has said.
According to Adrian Coles, director-general of the Building Societies Association (BSA), in recent months in the building society sector consistently seen “savings outflow, which may be factors such as increasing their consumer spending prior to the festive period.
“The amount of money that customers have completed more than they did,” he said.
Mr Coles went on to say that the level of savings over the next 12 months will be more dependent on the state of the overall economy of the country as it continues to recover after the recession.
He added that private sector employment would also play an important role in the rejuvenation of this culture.
The specialist said after the publication of figures from NS & I, a decrease in the amount of money people save show, with the average now £ 82.92 per month.
Meanwhile, parents are reminded of the importance of saving for their children in the new year.
The demise of the child trust funds must involve parents save cash in alternative savings account for their offspring, such as ISA or fixed income securities.
That’s according to Annie Shaw, editor of the online resource questions Cash, who said that it is still important that fathers and mothers to save cash away for their kids futures, despite the fact that the Conservative-Liberal Democrat alliance is helping to child confidence to draw you.
“We are the government’s support for Child Savings losses, but that does not mean that parents, godparents and grandparents may not be saving for their children,” she said.
Ms. Shaw explained that this remains “very important” and added that there are several viable alternatives.
This comes after the Institute for Public Policy Research reported that thousands of children in care will be a vital nest egg for the future to lose if the government abolish the Child Trust Fund New Year’s Day.