Scottish Widows: Saving needs to be encouraged
Scottish Widows has claimed that people need to be encouraged to make better use of savings accounts in the UK.
Scottish Widows has called for measures to be put in place to encourage people to make more use of savings accounts in the UK.Research conducted by the financial services provider revealed that 31 per cent of people in the UK currently consider that high taxes are a barrier preventing them from saving as much as they would like to.
Exactly half of those surveyed said they would be more likely to put money away in savings accounts in the UK if they were offered tax relief on their savings.
Meanwhile, 13 per cent said that the complexity of savings accounts in the UK is currently putting them off.
Anne Young, savings expert at Scottish Widows, said: "There is a need to encourage and educate people to put money aside for their future, even when they think they can't afford it, or don't understand how to do it."
Recently, the government announced that it would increase the amount that can be saved tax-free in ISA saving accounts.
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