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Over 65’s best at reviewing savings

People over 65 are most likely to monitor the performance of their savings and switch to better-paying accounts, a survey by Gocompare has found.

The survey asked more than 2,000 adults about their savings habits. It found that people aged over 65 are actively tracking the return on their savings:

  • 25% of over 65s switch their savings accounts to get better returns
  • 40% regularly review their savings
  • 35% know the interest rate on their savings.

Other age groups are less likely to review the performance of their savings:

  • 4% of 18-24 year-olds switch their accounts for better interest rates
  • 16% of 18-24 year-olds regularly review their savings
  • 14% of 35-44 year-olds know the interest rate on their savings accounts.

For the over 65s, the survey also found:

  • 25% are comfortable with internet only accounts while 22% like to withdraw money from a branch
  • 28% see the security of their money as more important than the interest rate
  • 34% prefer to save with a well-known bank or building society.

Matt Sanders, banking spokesperson at Gocompare, 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.

“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.”

 

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