A six year low in annual savings growth, as reported by the BBA today, is "unsurprising" given the current low interest rates and wages, adviser Paul Richardson has said.
The Concept Financial Planning managing director said savers were not given any incentives to save as any money currently deposited in banks was not growing fast enough to make up for low wage growth. According to new figures from the British Bankers' Association (BBA), personal deposits in major UK banks grew at a rate of 2.6% in the past year, the lowest rate since December 2011. It also found ISA cash deposits with high street banks to be in decline. They fell by £0.7bn in May on the previous month, while the annual growth rate also declined. Personal debt growth also slowed how...
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