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Southampton households are Britain's worst savers
10:34am Tuesday 30th October 2012 in News
SOUTHAMPTON households are the worst savers in Britain, new research claims.
The study by finance website RateSetter found the city's citizens were less likely to hold a savings account than other towns and cities polled as part of the research.
And some 90 per cent of those saving with a bank in the city did not know what inflation or interest rate was - or how it would affect their balance.
Personal finance expert Andrew Hagger said: “With savings rates currently falling like a stone and inflation taking a chunk out of what little income that's generated, it's important that consumers make time to find out the interest rate they are getting on their nest egg.
“Many people will be shocked when they realise how low their interest rate has fallen and it should act as a wake-up call to investigate higher paying alternative savings options.”
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