- 21 May 2010
A survey of consumer attitudes to saving commissioned by NatWest and conducted across Jersey, Guernsey, Gibraltar and the Isle of Man shows that people still recognise the importance of saving.
In Jersey, holiday and travel are cited as the main incentive to save (61%), with saving for mortgage (39%) and old age / retirement (33%) as the next most likely reasons.
When considering savings accounts, the four most important factors for Jersey respondents are that the provider is a trusted brand, the account is low risk, flexible and easily accessible. Least important features are online access, income from interest and no penalties.
Half of those who completed the survey think that the current economic climate has changed their attitude to saving. Other findings among Jersey respondents included:
- Two-thirds of respondents have reviewed their finances in the past year.
- One-third has increased the number of banks with which they save in the past 12 months.
- Nearly two-thirds of adults feel that it is important or very important for children to have a savings account of their own.
When compared to other locations, the survey showed that fewer Jersey residents intend to save during 2010, although still a healthy 62%, and they are also less likely to tie up their savings for any fixed period of time. The biggest commitment to saving was in Guernsey where 79% of respondents intend to save.
Andy Morton, Area Manager at NatWest, commented:
‘The financial markets have faced a testing time over the past two years and this was reflected in responses to the survey. However, it is reassuring to learn that people in Jersey still place a lot of emphasis on the importance of saving money, whether it be to pursue their interests or to safeguard their future.
Most consumers also believe young people should have their own savings account and we seek to address the need for children to learn about saving and budgeting through our special learning package called MoneySense, which we make available to schools.
Overall these findings will help us in planning how we respond to the needs of our customers in the longer term.”
The survey was carried out in January and February on behalf of RBS International and NatWest by Islands Analysis across the four offshore locations where the banking group has a presence. Depending on the size of the jurisdiction, appropriate sample numbers were determined and the survey was completed by both customers and non-customers of the Bank.