'SCHIZOPHRENIC' BRITS SAVE AS THEY BORROW... FROM THE SAME PLACE!

SCHIZOPHRENIC BRITS SAVE AS THEY BORROWFROM THE SAME PLACE!

          Consumer borrowing at highest ever level

          Savings (outside stockmarket investment) at highest ever level

          Updated figures show were borrowing 88p for every pound saved

          Call for IFA Promotions free How to Get Saving! factsheet

UK consumers are borrowing at their highest ever level (23 billion), whilst at the same time pouring similar sums (26 billion) into traditional savings safe havens in both cases the providers are often banks and building societies.  This alarming financial schizophrenia is highlighted by newly updated figures [see Savings Brake table p2] from IFA Promotion, which confirm that as a nation were borrowing 88p for every pound we manage to save.  

To help consumers develop the most effective long-term savings strategy for them, IFA Promotion has produced a factsheet.   How to Get Saving! looks at why we need to save, how much we should be putting away, and the range of ways to do so.

David Elms, Chief Executive of IFA Promotion commented Consumers are giving with one hand to the banks what theyre taking out with the other!  This schizophrenic approach continues to act as a significant brake on efforts to close the long-term savings gap.  People must bear in mind that whatever they borrow will have to be paid back at some point down the line, and this must not come at the expense of their long-term savings security. 

Call 0800 085 3250 in confidence or visit www.unbiased.co.uk for IFA Promotions How to Get Saving! factsheet

    The Savings Brake, a barometer of UK saving behaviour

Source: Bank of England/ABI/RAKM for IFA Promotion

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    For further information, please contact:

    David Elms, CEO                                  or                     Richard Winder/ Liz Willder

    IFA Promotion                                                                Lansons Communications

    Tel: 020 7833 3131                                                       020 7490 8828 lizw@lansons.com            

For expert comment or case studies from over 175 media-friendly IFAs, journalists should call IFA Promotions Media Services hotline on 020 7294 3682 or search online in Media Services at www.unbiased.co.uk

1.  Independent Financial Adviser Promotion

IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public.  It represents over 10,000 firms of independent financial advisers across the UK and is sponsored by 28 leading financial institutions. In 2002, over 300,000 consumers and businesses used IFA Promotion to find local independent financial advice.

2.       IFA Promotions sponsors