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Savings and investments top consumer priorities

Savings and investments top consumer priorities

Category: Savings

Updated: 07/04/2010
First Published: 07/04/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Saving, investing and paying off debt head up the list of consumer priorities, as people move away from a culture of borrowing and credit.

In fact, expected savings, investment and repayment activity is at its highest point for almost four years, a survey conducted by GfK NOP for JGFR has found.

More than seven in ten (71 per cent) UK adults expect to save and invest over the next three months, up from 66 per cent a year ago and at its highest point since March 2006.

Putting money into an ISA is the most popular method of saving, with 40 per cent consumers choosing to put their money into one.

Debt repayment remains a priority for over a quarter of the population, with the net proportion of Britons looking to pay down debt well above the average.

As such, the proportion of adults looking to borrow money is historically low, at just 14 per cent.

Investor sentiment is at a high point, with attitudes towards share buying at their most positive for three years.

The demand for pension and life products has increased since the beginning of the year. More than four in ten UK adults (41 per cent) expect to pay into a regular or lump sum pension scheme in the next three months, up from 39 per cent in December and on a year ago.

"The quarter's survey data reinforces what is becoming the new normal, i.e. greater savings and investment activity in prospect and low demand for borrowing," commented John Gilbert, chief executive of JGFR.

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