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Listen: Could our money be working harder?

Have you ever thought about where your savings are sitting right now? It turns out, a lot of us in the UK might not be making the best choices with our hard-earned cash.

A recent report from Yorkshire Building Society isn’t just about boring numbers; it’s like a real-life peek into our savings habits. And guess what? A whopping £380 billion across the country is sitting in accounts that earn less than 1% interest. That means the average saver, with about £29,097.80 tucked away, could be missing out on over a thousand pounds each year in interest. That’s not just a few quid lost; it’s like a big hole in our wallets over time.

It’s not just about losing potential earnings. Nearly half of us in in Basildon and East Thurrock have had to dip into our savings for daily expenses, showing just how tight things are. And it’s not just a one-off thing – about 27% in in Basildon and East Thurrock of us keep going back to our savings pot. This isn’t great for our long-term financial health.

Ryan spoke to finance expert from Moneyfacts Rachel Springall and Chris Irwin, director of savings at Yorkshire building Society.

Photo by Colin Watts on Unsplash

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