Gocompare.com research finds over 65s to be the most engaged, knowledgeable and most likely to switch for a better savings rate.
New research commissioned by Gocompare.com Savings has found that when it comes to looking after their nest eggs, the UK’s over 65s are the savviest and ‘switchiest’ savers.
Researchers asked over 2,000 UK adults questions about their attitude towards and knowledge of their savings and found that the over 65s were the most likely age group to regularly review their savings, to know what interest rates they were earning, and be most likely to switch to better-paying accounts.
- 25% of over 65s switch to get better deals
- 40% of over 65s regularly review their savings
- 35% know what interest rates their savings are earning
- 25% are happy to have an internet only account
- 34% like to save with a well-known bank or building society
Two fifths (40%) of over 65s regularly review their savings to ensure they’re getting the best interest rate, compared to 16% of 18 to 24 year olds. And 35% of over 65s know what rate of interest their savings are earning compared to 14% of 35 to 44 year olds. The research also found that over 65s were most likely to switch to better deals with 25% moving their savings around for better interest rates compared to just 4% of 18 to 24 year old savers.
30% of UK savers say they would move their savings account to earn any amount of extra interest but only half of them (15%) actually do.
The survey also found that older savers are more likely to stick to the names they know rather than chase better rates with some of the new providers. A third (34%) of over 65s said that they like to have their savings with a well-known bank or building society, and 22% like to be able to go into a branch to withdraw their money. However, 25% would be happy to have an ‘internet only’ savings account. For 28% of over 65s, knowing their money was safe was more important than the interest rate.
Matt Sanders, banking spokesperson at Gocompare.com, said: “When it comes to making the most of their money, UK savers would do well to follow the example set by their elders. Of all of the age groups polled, the over 65s were most switched on to managing their savings and actively seeking out better rates of return. Whilst just 1 in 20 (4%) 18 to 24 year old savers moved their money to get better deals, a quarter (25%) of senior citizens actively sought accounts with higher returns.
“Almost a third (30%) of the adults who took part in the survey said that they’d switch their savings account to get any amount of extra interest, but in the main it’s older savers who actually put the effort in and move their money around. With so many sources of information on savings ‘best buys’, including comparison sites, newspapers and online money guides, the deals are there to be snapped up. So whether it’s having more time to spare or knowing that they have to make the most of what they’ve got, over 65s are easily the UK’s savviest savers.”
Notes to editors:
On 18 July 2014, an online survey was conducted among 2,005 randomly selected British adults age 18+ who are also Springboard United Kingdom Community members. The margin of error—which measures sampling variability—is +/- 2.2%, 19 times out of 20. The results have been statistically weighted according to the most current data on age, gender, region, and education from the most recent census data, to ensure the sample is representative of the entire adult population of the UK. Discrepancies in or between totals are due to rounding.