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Loan Protection: Savers still set to struggle in 2011

UK savers will still struggle to find a decent return on their investment during 2011, according to an expert.

Adrian Coles, director general of the Building Societies Association (BSA), expressed his belief that, as interest rates are expected to stagnate, savers will not find the situation improves next year.

"It depends how the economy goes, with all the cutbacks. If the private sector doesn't step in and create the jobs that some people think it will I don't think we will see an early return to big savings," he said.

Mr Coles added that if the base rate remains at its historically low rate of 0.5 per cent then savers may be willing to take more risks and invest in equities, as well as continuing to make further debt repayments.

Latest figures from National Savings & Investments have shown a decline in the amount of money people are saving, with the average now being £82.92 per month.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800305281-ADNFCR

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