National Savings and Investments
 


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Press release

BRITAIN'S SECRET SAVINGS SOCIETY REVEALED

11 December 2002

The traditional reputation of the British as reserved and private has been reaffirmed by research into savings habits from National Savings and Investments (NS&I). The research has revealed that nearly a quarter (24%) of those married or cohabiting don't tell their partner or spouse how much money they have saved.

Those in East Anglia (84%) are the most likely to share information about the amount they have saved with their partners, while those in the North West (68%) are the least likely. (See Notes to Editors)

Keeping it from the family
Furthermore, only 9% of individuals reveal the extent of their savings and investments to their family (other than a partner/spouse), while one in three (36%) won't share this information with anybody.

Out in the cold
And best friends are left out in the cold as far as savings secrets go. Only one in every hundred share details of their personal savings with their closest friend.

Explaining the trend
Psychologist Donna Dawson said, "Savings act as a protective cushion against the uncertainties of the future, and may remain a secret undertaking because no one wants to admit to feeling vulnerable. Also, savers do not like broadcasting the amount they have saved because, in order for the idea of savings to work, savings must be psychologically registered as something completely 'separate' from available income.

"What is gained from silence is the ability to maintain the illusion of savings as something 'apart'. Therefore, only those who are closest to us and who can be trusted, for instance a spouse, will have any idea of the level of savings we have."

Prudent investment
Gill Cattanach, Commercial Director at National Savings and Investments said, "When it comes to saving, British people are as reserved as their national character suggests, not even sharing the amount they have saved with their nearest and dearest.

"Privacy about their savings is obviously very important to savers, as is the security of those savings. Only NS&I offer 100% security, thanks to our HM Treasury backing."

NS&I offer a distinct range of savings and investments products to suit many people, and aim to be the first port of call for anybody with money to save or invest.

For information on how to save with National Savings and Investments call 0845 964 5000, log on to www.nsandi.com or pick up leaflets in any branch of the post office.

ENDS

Notes to Editors

1. The National Savings and Investments survey was conducted by Taylor Nelson Sofres via OMNIMAS between August 2-6 2002 as part of our ongoing research into saving and investment habits. The sample size was 2,172 adults.

Question posed: Who knows the amount you have saved?

Response Total (%) Those married (%)
Family 9% 4%
Best friend 1% -
Partner/spouse (if applicable) 48% 76%
   
Anyone 64% 81%
Nobody 36% 19%


Region (by TV region) Telling partner - Total (%)
East Anglia 84%
Scotland 82%
Yorkshire 81%
Wales 79%
South West 78%
London/Home Counties 75%
North East 76%
South East 72%
Midlands 71%
North West 68%

2. National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products to 30 million customers

3. All products offer 100% security, because they are backed by HM Treasury.

4. Further information and digital images are available from the NS&I Media Team. An ISDN line is available for interviews.

NS&I Press Office

Mark Brooks 020 7348 9301 mark.brooks@nsandi.com
Jonathan Akerman 020 7348 9433 jonathan.akerman@nsandi.com
Sam Bennett 020 7348 9654 sam.bennett@nsandi.com
Wendy Franklin 020 7348 9449 wendy.franklin@nsandi.com
Fax 020 7348 9755
Out of hours 07778 966387

Media team
NS&I has a number of spokespeople available for interviews and our experienced radio team is available via our ISDN line: 020 7602 4522.

The numbers below are for media use only. Customers wishing to contact NS&I can find details here.

Gill Stephens 020 7348 9449
gill.stephens@nsandi.com
Iman Asante 020 7348 9301
iman.asante@nsandi.com
Angela Mason 020 7348 9433
angela.mason@nsandi.com

ISDN for interviews

020 7602 4522

Out of hours

All numbers above diverted to staffed mobile phones
 

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