Fears around Covid-19 have seen UK households opting for cash savings on a vast scale, as opposed to investing in 2020. Research has shown this to be a missed opportunity, as in most cases the amount saved has been far above the amount needed to cover emergency costs. Additionally, with interest rates at a record low and with no sign of increasing in the near future, this money offers savers very little reward.
| less than a minute read
Cautious UK Savers Are Missing Out On Billions In Investment Opportunities
The research has found that UK households have put away £77bn in cash over the first six months of the year, taking the total cash pile to a record £1.5trn - equal to the UK's collective residential mortgage debt. However, the group said that nearly £1.2trn of this cash was not actually needed to meet household contingencies, meaning that large amounts of cash across Britain are "sitting unproductively earning minimal interest".
/Passle/56d48b663d94740a904e050a/SearchServiceImages/2024-12-16-15-34-52-705-6760489c044a44825effe40e.jpg)
/Passle/56d48b663d94740a904e050a/MediaLibrary/Images/2024-12-02-13-04-52-316-674db074d162aea000d32e55.jpg)
/Passle/56d48b663d94740a904e050a/SearchServiceImages/2024-09-10-08-20-49-450-66e00161097b7a1aca1a437b.jpg)