Pension Annuity Friendly Society

Britons prefer to keep their money in a mattress
According to MGM Advantage, about five per cent of us now prefer to keep our money at home rather than put in a savings account.
Recent Company pension Nation study found that confidence in the banks of High Street and construction companies fell. This is particularly true in the north-east of Britain where the demise of Northern Rock was particularly hard hit but it is in Plymouth, where confidence in these institutions has been found to be the lowest in the country. This tendency to store cash at home is equally true for the rich and poor families, the company offers. 18 per cent of people struggling with the repayments of loans and other debts have said they prefer to put money under the mattress rather than hire a financial institution. The same is true for the very rich, 25 percent of respondents with assets of more than one million pounds has also kept their money.
Notwithstanding these facts, most of us, savings accounts remains the number one methods of investing. Indeed, 55 percent of respondents said they would opt for this type of savings as a means of ensuring their future funding. Pension fund seeded second with 17 percent of those who choose this vehicle, while just over one in ten of us rely on the housing market in the United Kingdom. It is not surprising in the current economic climate that six percent of respondents said they would opt for stock market investments.
The report also highlighted a disparity between men and women in terms of type of savings. 60 percent of women have a savings account, compared to slightly less than half the male population. Retirees are also said to be attached to this type of investment with nearly 60 percent more-65 claiming they had an account. When it comes to trust financial institutions and large, however, he was the younger generation who had the upper hand. Two thirds of those aged 16 to 24 reported having a savings account.
According to MGM Advantage, some consumers are indeed not aware of the most effective methods of saving money. Nearly one fifth of participants said they could not understand key financial terms such as individual savings accounts, processing systems defined-benefit/final the mortgages, pension credits, pensions stakeholder pensions and effectively independent financial adviser (IFA) services.
It seems that only 10 percent of us are willing to invest in mutual although it is from ignorance rather than a question of trust and interestingly, double the number of those using ICA versus those without, have said they would go to a mutual. However, for less than one third of respondents said they understood the term "mutual", he remains at the bottom of the list of financial terms would be understood by one third or so of the population. The report says it is "pension credit", "stakeholder pension," defined benefit plan final salary "," annuity "and" FSA ".
A study by Saga earlier this year, argued that many people were reluctant to discuss their financial situation, even with family and friends. While 38 percent discuss their retirement benefits, only 14 percent will be happy to discuss the amount of the credit card or personal debt they have accumulated.
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