- Thursday, 25 March 2010British consumers would do well to divert their money into
debt management rather than savings, an industry expert has claimed.
This is despite the figures released by banking giant Santander.
The figures indicate that Britons have saved almost £60 billion in the last year, while monthly cash savings deposits have increased by 34 per cent.
However, Pierre Williams, an industry expert, has said that it is not the best time to be setting money aside in savings.
“It’s certainly a pretty dire time for savers,” he said. “They have been the sacrificial lambs of the drive to revive the economy with rates slashed to help borrowers.”
The average saver is now putting away £219 a month, according to Santander’s research, but Williams contends that the money could be better used to bolster mortgage repayments.
“If you can afford to overpay on your mortgage you can make big long-term savings,” he said.
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