Savings top of the agenda
Saving has become a priority for Britons in the face of the economic downturn, new research has shown.According to a study by Alliance & Leicester, 29 per cent of people are reducing their spending in order to put more away into a nest egg.Younger people were especially driven to save, with 36 per cent reining in their spending for the purpose.Hetal Parmar, manager for savings at Alliance & Leicester, stressed the importance of having a "financial cushion" and noted that finding a good deal for savings is easier now that there are so many comparison websites.The research found that 48 per cent of savers use the internet for research, rising to 56 per cent for younger people.Earlier this month, Alliance & Leicester released a new account targeted at lump sum savers.The RewardSaver is suited for people saving long-term without accessing their funds, rewarding such behaviour, although withdrawals are possible.
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