Tuesday, June 3, 2014

Tell me about it

Britons 'Draining Savings' To Stay Afloat

Contrary to widespread assumptions, Britons are not borrowing large amounts in order to keep themselves afloat. Instead, consumers are tapping into their savings at a record rate in order to finance themselves.

Posted by enuii @ 09:18 PM (4639 views)
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8 thoughts on “Tell me about it

  • Not to be a naysayer, but how much of this trend can be explained by a doubling of FTB purchases and the reopening of BoMaD in the wake of H2B?

    Ppl empty isas when they buy houses.

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  • @ reticent,

    BoE figures say biggest withdrawal on record. The evaporating “middle classes” all have (or had) invested savings.

    “Recoverey” ……… LOL!

    Maybe it’s time to destroy prudent savers once and for all with Negative Interest Rates?

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  • Not to be a naysayer, but how much of this trend can be explained by a doubling of FTB purchases and the reopening of BoMaD in the wake of H2B?

    Could be, but that boost won’t last forever….who will be keeping house prices at all time highs next year, or the year after?

    These schemes bring tomorrows consumption to today.

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  • Maybe they are transferring ISAs at 1.0% to 123 current accounts at 3% etc?

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  • mountain goat says:

    Fools cashing in their 1.5% ISA while consumer price inflation is somewhere between 2-5% depending on who you believe and hp inflation is 10%.

    Oh wait what were those numbers again…

    Maybe not so financially foolish after all.

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  • hp inflation is 10%.

    But year after year? Not so sure about that.

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  • mountain goat says:

    @hpwatcher, certainly and the sooner prices would collapse the better. About the future one persons guess is as good as another. However, for the moment and immediate future we live in a messed up system where the more you can borrow (meaning mortgages, banksters and City people) the more wealthy you become. Deflation and high IR are outlawed thanks to money printing. Long term saving accounts seem like a losing option given this climate, apart from a prudent stash of a few months salary to cover unforeseen emergencies. I wish it was different but I decided not to be the victim of this my whole life; life being short and all, whereas bankruptcy of nations seems to take place over periods of centuries.

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  • People are much more receptive to moving from cash ISA to Stocks & Shares ISA because from July of this year it will be possible to reverse the move. Public are prepared to take on more risk in order to achieve potentially better returns.

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