'Saving money is pointless'

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. New data from the StepChange Debt Charity reveals that 29 per cent of British adults say that in the last 12 months they simply had no spare money with which to make savings, and 45 per cent of people earning less than £20,000 said they were unable to save in any of the last 12 months. However, the Munnypot research shows that while the vast majority of people say they want to save more money each month, the remaining 24 per cent dismiss savings accounts as "pointless" due to record low interest rates, according to the newly launched financial advice website. Setting a savings goal – in the case of our study of £100 a month – was shown to have a positive impact on people’s financial skills and their attitude towards savings.” Making your money make more There’s little that can be done to encourage those people who simply feel it is not worth putting money aside only to see its value be eroded more rapidly than it earns a return. Since the start of 2017 we have seen a small selection of providers making minor improvements to their savings rates, including challengers such as RCI Bank, Post Office Money, Ikano Bank and Sainsbury’s Bank.