Savers are potentially losing up to £100m a year

Adults in the UK could be losing out on a combined £100m a year by not investing their savings, according to research published by Yolt.

The money mobile application surveyed over 2,000 adults and found that 25 per cent leave their savings in their current account, while 14 per cent do absolutely nothing with their savings.

When looking at this figure on a nationwide scale, potentially almost 7.4 million UK residents are overlooking their savings. However, calculations from Yolt and economics consultancy CEBR found that, if the 7.4 million people that do nothing with their savings invested £83 per month £1,000 per year) in a fixed rate ISA at 1.43 per cent, their combined earnings could exceed £100m a year.

The research highlighted a lack of monetary confidence among UK adults, with fewer than half of respondents feeling comfortable about making investments.

Commenting on the findings, Yolt chief marketing officer Cristal Lee Leed said: “Saving is the first step in developing healthy money habits and if more people have the confidence to do so, they can then experiment with diversifying their savings.”

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