The Post Office Uncovers Younger Generation of UK Savers

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Savings are a priority for young people despite tough economic climate

A new 'Alternative Census' of 10,000 UK residents has revealed that younger generations in the UK are the biggest savers with 20 per cent of 16 to 34 year olds claiming that savings are their biggest priority, compared to just 10 per cent of those between 35 and 79 years old.

The nationwide research, carried out by the Post Office, highlighted the fact that 18 per cent of people claim that having savings is their biggest financial priority, while 43 per cent try to save even a small amount each month. Despite the economic climate, some 84 per cent of people are now actively ensuring they have savings for the future.

Savings for holidays, a deposit for a property, a rainy day and home improvements top the list of the things most people are earmarking their savings for, meaning it is crucial their money is working hard for them in a high interest savings account.

With this in mind the Post Office has launched a new Online Saver account designed to complement its wide range of savings and investment options which offer something for everyone, from short-term savings to longer-term investments.

The new online savings account offers 2.75% gross*/AER** including a bonus guaranteed for the first 12 months.*** There is no limit on the number of withdrawals or the amount that can be withdrawn. Savers can invest a minimum of £1 with a maximum savings investment of £2m.

*Gross rates are fixed and do not take into account deductions of income tax
**AER stands for Annual Equivalent Rate and illustrates what interest a saver would receive if the interest was paid and compounded each year
***rate applies to annual interest option and includes 1.25% gross/AER fixed interest bonus for the first 12 months.

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