UK savers are taking the biscuit
DESPITE the proliferation of online savings options, one in three of us still saves money in a jar or biscuit tin.
Younger people are actually more likely to save the old- fashioned way despite a reliance on technology in other aspects of their lives, according to new research from SunLife.
The insurer found almost half of youngsters aged 18 to 24 save by stuffing money into a jar or tin, compared to just one in four aged 55 or older.
The more senior savers tend to be far wealthier with the average person over- 55 having £ 49,833, 12 times more than the average 18 to 24- year- old at £ 4,310. The average saver has £ 26,785 but worryingly, one in four Britons has no savings at all, rising to four out of 10 of 18 to 24- year- olds.
Ian Cooper, SunLife’s head of savings said: “While putting pennies into a jar or tin can be a good way of avoiding spending loose change, it was never intended as a secure home for hard- earned cash.”
He added: “It becomes very tempting to raid a tin rather than leave it for a rainy day and the money isn’t earning a penny in interest.”