BSA calls for a change in savings attitude
27/03/2007
A change in psychology is needed if consumers in the UK are to alter their savings habits, according to the Building Societies Association (BSA).
Research from the organisation finds that it is not effective to tell people that they should save, as they are unlikely to respond.
Instead, the BSA states that a system needs to be implemented in order to make consumers want to save.
These findings come from The Individual's Saving Decision, a report that looks into the savings habits of the nation and the consequent attitudes towards money.
Adrian Coles, director-general of the BSA, remarks: "This report chooses not to simply accept the instinctive response 'I can't afford to save' and looks deeper into how and why people come to the decision to save or not to save.
"What is clear is that saving is a very individual decision and whilst some people in one situation view saving as a rewarding priority, others in the same situation see it as little more than a costly sacrifice."
He added that the way people think about savings needs to be challenged and people need to consider the benefits of putting money aside rather than worrying about what they will miss out on.
The BSA is the trade organisation for every building society in the UK.
Research from the organisation finds that it is not effective to tell people that they should save, as they are unlikely to respond.
Instead, the BSA states that a system needs to be implemented in order to make consumers want to save.
These findings come from The Individual's Saving Decision, a report that looks into the savings habits of the nation and the consequent attitudes towards money.
Adrian Coles, director-general of the BSA, remarks: "This report chooses not to simply accept the instinctive response 'I can't afford to save' and looks deeper into how and why people come to the decision to save or not to save.
"What is clear is that saving is a very individual decision and whilst some people in one situation view saving as a rewarding priority, others in the same situation see it as little more than a costly sacrifice."
He added that the way people think about savings needs to be challenged and people need to consider the benefits of putting money aside rather than worrying about what they will miss out on.
The BSA is the trade organisation for every building society in the UK.
