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Saving 'brings rewards'
15.08.2008
New research has revealed that many people believe buying an expensive item they have saved towards rather than paying with credit is more satisfying.
The survey of 2,000 adults by Yorkshire Bank showed that 77 per cent of Britons felt this way, while 81 per cent said they "cherish" items they have saved up to buy.
According to the firm, 50 per cent of respondents said due to current economic conditions they are now more likely to put money aside in their savings accounts before purchasing an expensive item than a year ago.
Gary Lumby, head of retail banking at Yorkshire Bank, said: "It seems people are finding that a more prudent approach to managing their finances brings greater rewards and satisfaction than the days of cheap credit and 'buy now pay later'."
Present market conditions are "great" for savers, he continued, adding that people ought to look at the variety of savings account options available to them.
Gill Stephens, spokesperson for National Savings and Investments, recently advised people to ensure their savings accounts offer rates in line with inflation.
The survey of 2,000 adults by Yorkshire Bank showed that 77 per cent of Britons felt this way, while 81 per cent said they "cherish" items they have saved up to buy.
According to the firm, 50 per cent of respondents said due to current economic conditions they are now more likely to put money aside in their savings accounts before purchasing an expensive item than a year ago.
Gary Lumby, head of retail banking at Yorkshire Bank, said: "It seems people are finding that a more prudent approach to managing their finances brings greater rewards and satisfaction than the days of cheap credit and 'buy now pay later'."
Present market conditions are "great" for savers, he continued, adding that people ought to look at the variety of savings account options available to them.
Gill Stephens, spokesperson for National Savings and Investments, recently advised people to ensure their savings accounts offer rates in line with inflation.