Savers Should Stand Up And Be Counted

gozomark

alared wrote: »

Unless the interest paid after tax is higher than the inflation rate then your money is losing value and deminishing.

and given inflation is likely to be negative over the next 12 months, then even 0% means your savings are gaining value

cos69

oldandgrumpy wrote: »

Hey all you old savers who were refused benefits because your income from savings was too high. Go round the bouy again.....and challenge the governments supposition that savings over £22500 are considered to reap a reward of 5%! WHERE????

Unfortunately the government expects you to live off the capital not the interest.

cos69

gozomark wrote: »

and given inflation is likely to be negative over the next 12 months, then even 0% means your savings are gaining value

Basing any inflation figures other than the factors that affect you is meaningless. For most of us inflation will continue to be high because even now food prices, fares and soon to come council tax rates continue to go up.

Do you wear clothes ?, as an example Next yesterday said that the low pound means that the price of their summer range will be going up 20% and many others will be raising prices by much more.

doire_2

freddysmith wrote: »

Surely having savings should help people get through this difficult time, even if they have to use some capital and added interest to suppliment any other income. After all savings are there for a rainny day (or year) and for some the time has come.
I understand the amount of savings built up will be different for everyone but its purpose is to cushion a financial problem until it improves (hopefully sooner than later).
Maybe I have it wrong but my parents taught me to have some savings, and I was fortunate to have listened.
My main point is to use the savings to help get through this crisis.

No quite.

Im an IT contractor who is saving for a wedding and house deposit. The house deposit will have to be huge.

I dont get paid if im off work - so i'll not have one day off (expect weekends) this year if i can help it.

We were hoping to get a nice bit of interest from our cash ISA's and savings accounts that could help us out a bit but now that idea has gone. The interest rates are woeful.

Why penalise us? We didn't go out and spend way above our means then find we couldn't pay it back!

evenasus

juicyjude wrote: »

Evanasus, if things had continued along those lines then I dont think we would be in the mess we are in now

Very true juicyjude.
Hopefully, maybe, things will go back to those days, finance wise.

People saving for what they want, instead of using credit would be good too.

parcival wrote: »

The problem is that the country is run by so called 'experts'. In reality all they want to do is look after themselves and their cronnies.
We need someone to come forward with an ounce of common sense.

There's that word again - commonsense - so sadly lacking in all aspects of life these days.

Mr_Matey

I might send my savings home to Australia where I can earn 4.75%.

If the UK banks/govt don't want to earn money off my savings they're going about it the right way.

Now just fix this exchange rate nonsense... :rolleyes:

savetilibleed

parcival wrote: »

We need someone to come forward with an ounce of common sense.

What about Vince Cable. Now there's a man with foresight into the banking system and common sense.

Ken68

If you vote against the present government at the next election, you will be voting in the party who are financially supported by hedgefunders and banks.
Gordon and Darling are just trying to sort out a mess caused by irresponsible lending .

SavingSteve

Mr_Matey wrote: »

I might send my savings home to Australia where I can earn 4.75%.

If the UK banks/govt don't want to earn money off my savings they're going about it the right way.

Now just fix this exchange rate nonsense... :rolleyes:

Global FX markets mean this is pointless. Money has already moved out of the UK to higher paying jurisdictions, so the GBP AUS rate as moved accordingly.

What you gain in interest you lose in the FX.

cos69

Ken68 wrote: »

If you vote against the present government at the next election, you will be voting in the party who are financially supported by hedgefunders and banks.
Gordon and Darling are just trying to sort out a mess caused by irresponsible lending .

You mean the Labour party are not
:rotfl::rotfl::rotfl:

http://thebristolblogger.wordpress.com/2008/09/29/car-boot-boss-is-labour-donor-and-short-seller/