Savers 'becoming more sophisticated'
British savers are becoming more sophisticated in their use and understanding of financial products, according to the British Bankers' Association (BBA).
Millions of people around the country use financial services as a way of saving for retirement and when it comes to such an important issue consumers should, and in many cases do, take a keen interest in how their products perform, the association has suggested.
One of the important aspects of being a savvy saver is to make sure that you are aware of how a particular product is regulated and whether the headline rate of interest is really as appealing as it appears at first glance.
"Nowadays, people have a much more sophisticated approach to their finances and a lot of people will look around for the best rates and savings," explained Brian Capon, a BBA spokesperson.
"When opening any account, you need to really decide what it is that you want from that bank overall," he added.
According to a major study carried out by the National Savings & Investments organisation, the average UK consumer has increased his or her savings pot by almost a third since the beginning of the 21st century.
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