News Categories

• Banking
• Breakdown Cover
• Car Insurance
• Credit Cards
• Home Insurance
• Insurance
• Life Insurance
• Loans
• Money
• Mortgages
• Pensions
• Pet Insurance
• Travel Insurance

News Archive

• February 2012
• January 2012
• December 2011
• November 2011
• October 2011
• September 2011
• August 2011
• July 2011
• June 2011
• May 2011
• April 2011
• March 2011

Newsletter

Savers 'becoming more cautious'

By Sarah Engle, Thu 22 May 2008 - Published in Banking

A number of factors have led to individuals taking a more cautious approach over their savings, an expert has argued.

Steve Urwin, a senior marketing executive at Newcastle Building Society, said that factors such as the credit crunch and the issues affecting Northern Rock have led to individuals being more cautious with their banking.

And as a result, certain types of savings products are becoming more popular, he said, noting the fixed rate bonds and guaranteed equity bonds in particular are being chosen by savers.

"We have seen a move towards these types of products with guarantees over those where returns are more uncertain," Mr Urwin said.

He added that even before the Northern Rock problems came to light, there was a move away from high-risk products.

Research conducted by the building society has recently shown savers are more cautious with their funds now than they were this time last year.