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Scottish Widows looks at why people are saving - or not

By Sarah Engle, Thu 17 Jul 2008 - Published in Banking

Some people do not save because they do not understand the benefits and the range of accounts available, according to Scottish Widows.

The company's savings and investments report shows some people fear putting money in long-term accounts because it may mean they do not have access to cash Many also fail to save because they believe there is so little left after expenses.

The bank is now calling on the government to give information that makes it easier for people to understand loans and saving accounts, and incentives that will motivate people to put money aside regularly. It also suggests making financial education part of the national curriculum.

Recent research by Alliance and Leicester shows young people spend some six per cent their earnings on clothes, nearly twice the amount by pensioners. According to Scottish Widows, the average amount adults loan to their parents is £6,500.

Head of savings, Gordon Greig said: "Scottish Widows is committed to encouraging and enabling people to save and we look forward to working with the government, the regulators, our customers and the general public to achieve this."