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Savers are most trusting of property and least trusting of banks when it comes to getting the best return on their investments, research shows.
A survey of UK adults by Buy2LetCars, which operates a vehicle leasing model funded by individuals instead of financial institutions, has discovered that 51 per cent of people do not trust banks at all, compared to only 2 per cent who trust them completely, and that a staggering 81 per cent believe banks do not give them a fair return on their money.
Property is still considered the most reliable investment - 83 per cent trust it to give them the best or a fair return on their money, followed by gold with 14 per cent trusting it completely.
However, the survey also reveals that what had previously been thought of as alternative investments, such as art, are actually delivering the best results for people, driven in part by low interest rates hampering returns on savings.
The results suggest that a distrust of banks is leading savers and investors to look to alternative ways to grow their money and coincides with a growth in re-investors in Buy2LetCars, which saw 38.22 per cent of its entire investor base re-invest during or after their three year investment cycle.
The survey of people’s saving and investment habits also looked at the reasons why people are saving, with the majority of respondents (49 per cent) saving for retirement, 25 per cent saving for other projects, including paying off debts, house improvement plans and investment opportunities, 20 per cent saving for a holiday, 15 per cent saving for their children’s future and 14 per cent saving to move house.
The financial press is still seen as a trustworthy source for choosing investment opportunities, above friends and family referrals, with 47 per cent conducting their own research through the press, compared to 14 per cent consulting friends and family. Only 10 per cent admit to using the same bank or building society they have always used.
Surprisingly, the impact of Brexit on savings and investments is not a concern for most respondents, with only 29 per cent being concerned about the potential financial implications of Britain leaving the EU, compared to 58 per cent who are not concerned.
Paula Edwards, marketing and communications Manager at Buy2LetCars, says, 'The results of our survey demonstrate that people are still deeply mistrustful when it comes to banks, with the perception and impact of the 2008 recession still resonating with the general public.
'The figures we see suggest that people are looking to remove their financial dependence on banks and institutions, instead spreading their investments across alternative saving and investment opportunities, and direct investment methods such as property and gold.
'These are perceived as more trustworthy, delivering an increase in value over time and giving a better return overall.'
For more information please visit www.buy2letcars.com.