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Up to a quarter of all UK adults could be missing out on an important boost to their savings, new research from Santander has shown.
According to a new survey of 2,000 UK adults aged 18 or over, the lender has revealed how 24 per cent of people currently either do not know where to put their savings in order to get the best return, or they simply believe it makes no difference.
Borne out, this result means that approximately 12 million Brits could be missing out on a potential boost to their future nest eggs.
However, this doesn`t have to be the case, as savvy savers will undoubtedly make a stronger return on their investment by putting their money into the most suitable savings accounts to meet their requirements.
Indeed, high-interest yields can still be achieved if people are willing to spend some time researching the market.
Of those that do save, Britons on average set aside one-quarter of their disposable income each month, which equates to £120 on average.
However, Santander`s research also revealed that ten per cent of respondents stated it simply doesn`t matter to them, as they have no excess money to save at the end of the month.
Responding to the findings, head of savings at Santander Helen Bierton said that developing a strong understanding of the current best deals on offer for savers could help countless Brits to better protect themselves against a future rainy day.
She argued that meeting the costs of everyday living can be difficult for many, but with a little time and effort, even the smallest amount that can be set aside for the future will stand individuals in good stead.
Budgeting to create a better understanding of monthly outgoings and spending is essential if people want to make the most of their savings, while taking the time to properly research the best deals can give a welcome boost to their finances, especially if they are considering buying a home for the first time, moving or getting a buy to let property.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
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Borrow £80,000 over 25 years
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£138,585. Total Cost Of
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