Almost 15 million people in the UK are making no effort to save for the future

Progressive Building Society has called for more people to consider how they can save in light of British Savings Week research, which shows that almost 15 million people in the UK currently do not save for their future, while 8 million people do not have any savings at all. British Savings Week runs from 21st- 25th September and aims to create greater awareness around saving with helpful hints and tips on how to save more and spend less.

Darina Armstrong, Chief Executive  of Progressive Building Society supports the efforts of British Savings Week and is calling for a change in the attitude to saving in Northern Ireland.

“The savings statistics released this week give us a snapshot of the current state of savings in the UK, with many citing the rising cost of living and low interest rates as their barrier to regular savings.  For many it is now much easier to borrow money than to save it. To create a savings culture in Northern Ireland there must be a shift in two key areas - education and the creation of simpler savings products with clear guidance.”

Darina Armstrong says that those parents who do provide their children with a solid financial education are setting them on the right path to becoming financially secure and responsible adults.

“We know some parents open a children’s savings account for each dependent and deposit a small amount each month; these accounts are then often used by the children to save some of their pocket money and monetary gifts from relatives at Christmas or birthdays.

“At Progressive we want to encourage more people to save which will reward not only the savers but the wider economy too. In the March 2015 budget The Chancellor outlined new policies which will benefit savers including increased flexibility with ISAs, and the introduction of a new Help to Buy ISA. The Chancellor also announced changes to how interest earned on savings accounts will be taxed. From April 2016, for many people, no tax will be deducted from the first £1000.00 of interest earned. There are some restrictions to this, but this policy is a significant benefit and incentive for those who wish to save.

“The best way to kick start a savings culture is with our children. To help them live financially fit lives, it is advisable to introduce the concept of saving and spending to children as young as three. Involve them with the household budgets, create savings charts and perhaps most important lead by example, let children see you save regularly and they will learn by example. ”

Progressive has witnessed the popularity of children’s savings accounts increase in recent years, particularly the Cash Junior ISA, a tax free account and the start-up children’s savings account with a variable rate of interest and instant access to money, which allows parents and grandparents to save on behalf of a child.

As a mutual organisation,  Progressive is owned by and run for the benefit of their members and provides a range of mortgage and savings products tailored to the needs of both new and existing members, by maintaining a strong capital base and by continuing the Society’s commitment to improve quality of service and value to its members. Progressive offers a wide range of savings accounts from short term to long term, annual income to monthly income and instant access to notice accounts.

For more information please visit the Progressive website http://www.theprogressive.com/savings

ENDSFor further press information please contact:Finola Guinnane or Shane Finnegan at Aiken PRT – 028 90 663000E- Finola@aikenpr.com