Commenting on today’s inflation figures1, Alistair McQueen, Head of Savings & Retirement at Aviva said:
“Today’s rising inflation, to 2.1%, comes at the same time as record billions are being saved through the pandemic. The latest Bank of England data indicates that a record £1.7trn is being saved by households in cash, up by nearly £200m over the last year2. That averages at extra cash savings of about £7,000 per household over the past 12 months.
“With the average instant access account paying just 0.1%3, the need to shop around is greater than ever. Yet, research from Aviva4 indicates that fewer than one-in-three (31%) have considered the return on their savings relative to other accounts over the past 12 months. 69% have not. With almost 40 million adult savers in the UK, 69% equates to about 27 million sleepy savers5.
“In today’s time of uncertainty the desire to save is understandable. But these savers risk losing millions when a better return on their money could be a click away.
“Aviva has launched its new Aviva Save6 proposition to help this community. Aviva’s new online service presents a range of banks and accounts, accessible via one login.
“With rising inflation, there is an urgent need to wake up Britain’s 27m sleepy savers.”
-ENDS-
Sources
- https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation
/may2021 - https://www.bankofengland.co.uk/statistics/money-and-credit/2021/april-2020
- https://www.bankofengland.co.uk/statistics/effective-interest-rates/2021/april-2020
- Survey of a nationally representative sample of 6,698 UK adults conducted by Boring Money in January 2021. 4,411 UK adults say they hold a cash savings product.
- Page 51 of FCA report states 77% of adults hold savings accounts - https://www.fca.org.uk/publication/research/financial-lives-survey-2020.pdf
- https://www.aviva.co.uk/investments/aviva-save/
Media Enquiries
Fiona Whytock
Retirement, Savings and Investments
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Notes to editors:
- For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/
- We exist to be with people when it really matters, throughout their lives. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2020, we paid £30.6 billion in claims and benefits to our customers.
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