Listen: Is there a savings confusion?

Millions of people across the UK are being warned they could be leaving themselves short-changed by their lack of understanding surrounding where to get the most rewards for their savings.

The warning comes as a new report suggests risk aversion with money is one of the most substantial obstacles preventing people from saving their money wisely, with widespread confusion about Stocks and Shares ISAs also preventing many people from making the most of one of the UK’s most valuable savings tools.

Affordability also remains a major concern, as more than two fifths (42%) say they do not feel they have enough money to put aside, with a broader snapshot of personal savings habits highlighting how the average British adult saves about £116.80 per month, with roughly half of adults saving less than £100 each month.

Ros spoke to Sarah Pennells, consumer finance & savings expert.

Photo by Colin Watts on Unsplash