Publication date | 09/08/2010
Saving cash is hard for some Saving money will always be a concern for some but lately it would seem that it is increasingly weighing on the minds of the British public.
According to a study conducted by Nationwide, in the first quarter of 2010, 18 per cent of people believed they would be putting away less in six months time, while in the second period this climbed to 21 per cent.
While this is no doubt a pressing matter, one solution could be cashing in an endowment policy, particularly for the 22 per cent of people revealed in the survey who are not saving anything at all.
Chris Radford, chief executive officer of aap, the UK's biggest buyer of endowment policies, said some of its customers who wanted assistance in putting away sums of money had decided to sell their underperforming endowment policies.
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Finding other ways to save funds could be recommended, as the Nationwide research also revealed that 62 per cent of respondents - two per cent more than recorded in the previous quarter - felt they were currently putting away less than they should be.
Savings and investments director Robin Bailey noted that "more consumers than ever believe the government neither encourages nor discourages them to save, suggesting that consumers are unsure how policy from the new government will affect them".
Selling endowments could see savings accounts bolstered.
Mr Radford, from aap, said some of its customers who were keen on putting money away had decided to sell an endowment policy so they could feel the effects of a bit of extra cash.
He added that should aap make an offer to purchase an endowment policy, it will always pay more than the surrender value offered by the insurance company.
From aap published on 09/08/2010
