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AIFA call for incentives for savers

AIFA call for incentives for savers

Category: Savings

Updated: 12/03/2009
First Published: 12/03/2009

MONEYFACTS ARCHIVE
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The Government has been called upon to provide consumers with incentives to invest in their long term financial wellbeing.

The plea, which comes just weeks before details of the April Budget are unveiled, has been made by The Association of Independent Financial Advisers (AIFA).

Amongst its suggestions are a review of tax incentivised savings regimes, an increase in the ISA allowances and the introduction of tax free savings accounts, which would potential first time buyers to save towards a deposit.

"The current economic conditions demonstrate that the UK's reliance on credit cannot continue," said Chris Cummings, AIFA director general. "It is therefore essential that the Budget includes measurements which will incentivise people to save for the future."

The advice comes days after figures from the Bank of England showed that the average interest rate for savers who require instant access to their funds is close to zero per cent. However, savers can still find get decent returns on their money if they are prepared to shop around smaller building societies and consider online deals.

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