UK adults could earn another £100m million a year in interest according to money management app Yolt.
Yolt says that 7.4 million Britons could benefit from better visibility of their savings accounts. And at the same time, gain greater money confidence.
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Yolt’s research concludes that too many UK consumers fail to invest their savings.
Around one in four UK adults (24%) leave their savings untouched in non-interest bearing current accounts. And 14% of those surveyed do nothing with their savings at all.
Yolt is working with economics consultancy CEBR to calculate the real-life cost of doing nothing with savings. The findings are based on the average rate of return for various investment tools. If the estimated 7.4 million adults placed £84 a month or £1,000 a year into a fixed rate ISA at 1.43%, the potential earnings exceed £100m a year.
Savings attitudes
Yolt’s research uncovers a clear lack of money confidence amongst UK adults:
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By GlobalData- Fewer than half of the adults surveyed (47%) ‘feel comfortable making financial investments’. This figure falls to 36% among female respondents;
- One in five (20%) of those who ‘feel uncomfortable making financial investments’ say they would be more likely to invest if they had more information on the options available to them;
- Demand for financial information is particularly noticeable for 18-35 year olds. Moreover, over one third (35%) say they would be more likely to invest if they had more information; and
- 25% wish they had more tools to help them track and manage their investments.
Yolt: making it easier to save
Yolt’s latest offering allows users to view Marcus: by Goldman Sachs savings account and Monzo Pots in the Yolt app. These additions enable users to view their savings as well as their spending habits, all in one place.
Cristel Lee Leed, Chief Marketing Officer, Yolt, comments:
“The start of a new financial year is a great time to find that positive money mindset and revisit your savings routines. Paying yourself your savings first on payday can be a great way to start the month on the right foot. Combining this behaviour with tools that give you better visibility of all your financial accounts, means you can spend smart and even boost your savings further at the end of the month, topping up with your unspent monthly budget. You’d be surprised how quickly your savings build up!
“Despite a strong savings mindset, it is often a lack of visibility and money confidence that prevents them from investing. If you don’t have a clear view of your finances in real-time, it can be difficult to save effectively.”
