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Savers play it safe…but at what cost?

Savers play it safe…but at what cost?

Category: Savings

Updated: 11/03/2011
First Published: 11/03/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Saversare becoming increasingly cautious over where they choose to invest their money, new research has revealed.

Almost four in ten people are refusing to take any risks with their savings, pensions and other investments, according to a survey by Willis Owen.

Women were revealed to be the most risk averse, with almost half not willing to take any risk compared to just under one in three men.

However, this growing aversion to risk comes at a time when interest rates are low and high inflation is eating into the value of savings.

Alan Easter, director of the discount broker, said it is easy to understand the reluctance among savers to take any risk with their money in the current uncertain economic climate.

However, he warned that people need to be aware that the real value of their savings is being eroded.

"People are making a sub-conscious decision to erode their wealth if they don't take action now," he added.

"There are a variety of options available even if you don't want to take too much risk.

"From shopping around for the best savings account, looking for the best Cash ISA deal, to investing some of your money in low to medium risk funds.

"The most important message for consumers looking to save for the future is not to lose out on your ISA allowance."

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