Study reveals Britons have £430bn in excess cash savings

If you are looking for savings advice in Cheshire, this new study may be of interest.

Data recently published by Barclays indicates that savers in the county and across the wider UK have at least £430 billion locked away in cash savings; meaning many people could be missing out on more rewarding, higher investment returns in later life.

The figures are based on a survey of people who hold more over six months’ income in cash savings. They revealed that an estimated 13 million people could earn a lot more through investments, with regulatory changes required to incentivise savers to work their cash reserves more effectively. They could do this by comparing and identifying the right investment product.

Indeed, the Financial Conduct Authority has been putting the final touches to proposals, which will make it easier for companies to offer financial guidance to simplify investing.

As things stand, offering advice can be complicated or costly for firms. Initiatives have been touted to offer more targeted support without upfront fees, and advice that individuals can more easily process and understand. There have been attempts to encourage savers to invest in UK stocks to reverse the outflows into global stocks in pursuit of higher returns.

Research, however, has found that around 20% of savers feel they have insufficient knowledge of how to invest smartly, while another 25% felt it was all too complex.

Wealth managers feel this points to untapped and potentially lucrative opportunities for both savers and the UK capital markets.

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