Thursday, 29 June 2017

Savers urge the government ...

Christ! Oh, loads of people urge the government. It does no good, son. You need to - 'Who the hell are you talking to, boss?!' Er, no one in particular, Voice. 'Just yourself, like.' Shut up!

Savers urge the government to take action against poor rates!

Average monthly savings deposits have decreased by 14% over the last 12 months.

Six in ten haven't moved their funds in the last five years, but there is a growing appetite to save and many are prepared to sacrifice luxuries.

The government should also improve incentives for saving regularly and act upon high street banks offering low rates, claim savers.

You see? Sacrifice luxuries, too. 'Yeah, it sounds serious. PR email, I presume. Who from?' Hang on. Uh, RCI Bank. I think. Or the firm working for them. 'And why do they care?' I don't know, man. They're a bank. They want people's money, I suppose.

Following the General Election, RCI Bank asked savers what they would like the new government to prioritize. Almost a fifth (17%) called for them to take stronger action against the high street banks offering poor savings rates, and 16% want more benefits for those who save regularly.

The cost of living has risen over the last year - consumer inflation hit 2.6% in June - meaning the amount savers are managing to put away has fallen. In June 2016, they saved £277 every month, whereas this year the average fell 14% to £239.

Londoners experienced the highest year-on-year drop in the amount they save; in June 2016 the average deposit was £664 a month, but in June 2017 this fell 31% to £461 - a difference of £2032. In contrast, those in the East of England save more every month - a 21% increase year-on-year.

Okay, okay. I tell you, it's all politics, man. Political uncertainty. But one thing you can be certain about: The government don't care!

The rising cost of living, macro-economic environment and political uncertainty play important roles in the nation's ability to save. RCI Bank asked consumers how they thought the General Election result would affect their ability to save, with a quarter (26%) expecting it to have a negative impact. Only a tenth (11%) think it will have a positive impact and a third (31%) claim their confidence in the savings market over the next 12 months will decrease as a result.

No one's got no money! 'You spend all your money on chips.' Shut up, idiot! / Right. Let's hear from Jean-Louis! 'Who?!' Jean-Louis Labauge. 'Never heard of him!' Ha!

Jean-Louis Labauge, CEO, RCI Bank, said: "Although engagement in the savings market is low, there is a real appetite to save; as a nation, we understand the importance of putting money away and saving for a rainy day. The fact that people are willing to give up luxuries says it all. The financial crash of 2007/08 has had a lasting impact on this. Our research shows that just over a tenth (12%) now spend less every month, and 10% feel that they need to save more every month. However, the current savings landscape does not feed this appetite - and customers are calling for more action to be taken to encourage saving. In order to achieve good financial health, savers need to be more at the heart of monetary policy. An end to quantitative easing, as has been exercised in the US, is just one of the many ways that the Bank of England could set out to increase interest rates again and improve the market."

Luxuries again. Says it all, doesn't it? / And, well ... - Ends ... - !!! As they say in the business.


Anything else? No. Well, No. 525 later. Laters.