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Study finds households in the East will be saving and investing less cash in 2018

Many people in the region say they won't be able to save at all, according to the survey. Picture: Sonya Duncan

Many people in the region say they won't be able to save at all, according to the survey. Picture: Sonya Duncan

ARCHANT EASTERN DAILY PRESS (01603) 772434

Almost a third of people in the East of England believe they won't be able to save or invest any money in 2018, new research shows.

Of those who feel able to put some cash aside, most are likely to use a bank or building society account (46%) or cash ISA (41%) – even though low interest rates are yielding poor returns.

Just 11% plan to put money in stocks and shares – despite recent record levels on the stock market – while 17% said they may use National Savings or premium bonds.

Investment in property (4%) was as popular a choice as purchasing bitcoin or other virtual currencies.

Almost one in 10 (9%) planned to save at home with a coin jar.

Matt Sanders from GoCompare, which conducted the research, said: “Many people have seen their income squeezed by higher inflation and lower pay rises. For those feeling financially pressured, reducing outgoings should be the first priority.”

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