06/17/2021 | Press release | Distributed by Public on 06/17/2021 08:34
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.'