Shocking statistics released by British Savings Week show that almost 15 million people in the UK currently do not save for their future, while 8 million people do not have any savings at all. In a bid to get Northern Ireland saving Progressive Building Society is calling for more people to consider how they can save more and spend less.
Darina Armstrong, chief executive of Progressive Building Society commented:
“We can all agree that putting money aside every month in a savings account is a good idea, for financial security, a rainy day fund, retirement or even for a special treat. The savings statistics show that to create a savings culture in Northern Ireland there must be a shift in two key areas: education and increased awareness of simple savings products that are available.”
Children as young as three can be involved with savings initiatives such as savings goals and budgets which will help them create lifelong, healthy savings habits. It has been noted by Progressive that when parents do open children’s savings accounts where they can deposit a small amount each month, these accounts are then often used by the children to save some of their pocket money and monetary gifts from relatives at Christmas or birthdays.
Darina Armstrong concludes “At Progressive we want to encourage more people to save which will reward not only the savers but the wider economy too. In the March 2015 budget The Chancellor outlined new policies which will benefit savers including increased flexibility with ISAs, and the introduction of a new Help to Buy ISA.
“The Chancellor also announced changes to how interest earned on savings accounts will be taxed. From April 2016, for many people, no tax will be deducted from the first £1000 of interest earned. There are some restrictions to this, but this policy is a significant benefit and incentive for those who wish to save.”
To find out more please visit www.theprogressive.com/savings