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Bank Loan: Savers set to lose out as inflation rises

Savers are unlikely to see a return on their investment and may even lose money as inflation continues to rise, according to a financial advice website.

The latest inflation figures from the Office for National Statistics revealed that the Consumer Prices Index hit 3.3 per cent in November, up from 3.2 per cent in October.

Jason Riddle, co-founder of Save Our Savers, expressed his belief that savers will bear the brunt of the increase.

He said: "Higher rate (40 per cent) taxpayers, of which there are currently three million, would have needed a return of at least 7.8 per cent.

"So if they had £1,000 in a savings account paying two per cent, by the end of the year they would have £1,012 after tax. Because of inflation this £1,012 will have £35 less spending power than the original £1,000 did at the start of the year."

Recent research by Defaqto revealed that many Britons have been put off saving, with 20 per cent claiming they are not setting aside any funds for their retirement.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800302251-ADNFCR

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