6th October 2014
New research commissioned by Gocompare.com Savings has found that when it comes to looking after their nest eggs, the UK’s over 65s are leading the pack.
Researchers asked over 2,000 UK adults questions about their attitude towards and knowledge of their savings and found that the over 65s were the most likely age group to regularly review their savings, to know what interest rates they were earning, and be most likely to switch to better-paying accounts.
The study from the comparison site found that two-fifths, or 40% of over 65s, regularly review their savings to ensure they are getting the best interest rate, compared to just 16% of 18 to 24 year olds. In addition more than a third, at 35%, of over 65s know what rate of interest their savings are earning compared to a mere 14% of 35 to 44 year olds.
The research also found that over 65s were most likely to switch to better deals with 25% moving their savings around for better interest rates compared to just 4% of 18 to 24 year old savers.
The survey also found that older savers are more likely to stick to the names they know rather than chase better rates with some of the new providers. A third, 34%, of over 65s said that they like to have their savings with a well-known bank or building society, and 22% like to be able to go into a branch to withdraw their money. However, 25% would be happy to have an ‘internet only’ savings account. For 28% of over 65s, knowing their money was safe was more important than the interest rate.
Matt Sanders, banking spokesperson at Gocompare.com, said: “When it comes to making the most of their money, UK savers would do well to follow the example set by their elders. Of all of the age groups polled, the over 65s were most switched on to managing their savings and actively seeking out better rates of return. Whilst just one in 20, 18 to 24 year old savers moved their money to get better deals, a quarter of senior citizens actively sought accounts with higher returns.
“Almost a third of the adults who took part in the survey said that they’d switch their savings account to get any amount of extra interest, but in the main it’s older savers who actually put the effort in and move their money around. With so many sources of information on savings ‘best buys’, including comparison sites, newspapers and online money guides, the deals are there to be snapped up. So whether it’s having more time to spare or knowing that they have to make the most of what they’ve got, over 65s are easily the UK’s savviest savers.”