26 October 2016

Base Rate Report - Part 2

In our second report we're looking into the UK’s attitude towards saving during the lowest ever interest rate period.

Low interest rates aren't putting Brits off saving

Play video - Interest rates aren't putting Brits off saving base-rate-report-part-2

£21,313, that's how much the average person needs in their savings to feel secure.

The good news is we have more savings now than in 2009 and many of us are not far off from feeling safe.

In fact, the average person is just £5000 short of their goal and that's despite everything that's been thrown at savers.

With base rate hitting a historic low in August, you might think that savers have lost interest in saving.

But it's not the case.

And some "savvy savers" are even putting their money elsewhere -

  • Two fifths have looked at saving in alternative places
  • One in twenty have invested in arts and antiques
  • 2% of people in wine
  • 7% in gold
  • And 2 in every 100 people have even put their money into rare comics.

But not everyone is as clued up, particularly around their savings rate.

Two thirds of people don't even know what the interest rate on their savings is.

Do you?

For more information go to: nationwide.co.uk/savings

Did you know...

In August, the base rate hit a historic low of 0.25% - having already plummeted to 0.5% in September 2009. What does this new low mean for Britain’s savers?

Take a look at how the low rate means different things for different people, whether the low interest rates are putting people off saving and get some tips on how to make sure your finances are working their hardest for you.

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