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Young people get the savings message

Young people seem to be getting the savings message, with twice as many 18 to 24-year-olds now opening savings accounts compared to figures from six months ago.New research from Birmingham Midshires' found that one in seven young adults have recently opened a savings account, compared to one in 14 six months ago and also showed that young adults are more likely than any other age group to have started saving.Online savings accounts were the choice of more than half (51 per cent) of the under 25s, while 15 per cent opted for ISAs.Jason Robinson, director of savings operations at Birmingham Midshires commented on the findings: "With 2007 widely accepted as the year of the saver, the savings market is not only appealing more to new markets - the younger generation - but we are also noting an increase in movement with more savers, particularly older savers - switching accounts to get a better deal. The trend is certainly moving away from inertia as people vote with their feet."He added: "We urge savers to consider the benefits of a balanced savings portfolio, where some money is stored in an easy access account for short-term expenses and in fixed rate accounts which guarantee good rates over the long-term."

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