66% of people in the UK have savings accounts with their current account provider, says Toluna’s study
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A recent study conducted by Toluna has revealed that 66% of people in the UK have savings accounts with their current account provider. The UK savings study surveyed around 1075 saved aged 18+ to find out more about their savings and money.
The study also revealed that trust and ease are among the two most important drivers in savings. 60% of savings accounts are based on convenience, 47% choose a provider based on trust, 45% bank their savings with a provider because it’s the easy option and 43% cited that security is their main reason for choosing who to save with.
While 60% of people chose to save with their current account provider, 42% hold savings with a bank or building society they don’t have a current account with, and more than 1 in 4 are with national savings and investment. 17% admitted to keeping their cash at home, which rose to nearly 30% for the under 35s.
Mark Hirst, Research Director at Harris Interactive, said, “The arrival of Covid-19 caused us all to ‘batten down the hatches’ in many areas of our lives and this study demonstrates that the savings market is no different. ”
“Current low-interest rates coupled with the convenience of saving where you know or where you have your other financial products means that people are inclined to stay where they are at the moment. They are also disillusioned with what the savings market, on the whole, has to offer right now, creating opportunity for existing or new providers to establish a new savings model that differentiates from the current norm and engages with consumers better.”
Toluna delivers real-time consumer insights. It aims to revolutionize market research and empowers clients with the agility to instantly conduct quantitative and qualitative research. Toluna is the parent company of Harris Interactive Europe and KuRunData. Together, we strive to push market research toward a better tomorrow.
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