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Study: Inflation eats away savings

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Companies and individuals looking for a safe place to store their savings may soon be making as Yorkshire Building Society has warned that inflation is eating into nest-eggs.

Following the building society's earlier survey that found that 96 per cent of consumers say they have tried to make their money go further, the group revealed that despite typical household and business cutbacks people are still not factoring in the impact of inflation.

According to Yorkshire Building Society, some consumers have lost almost £2,500 in the last ten years.

As consumers tighten their belts around daily spending, research has shown the top three economic decisions UK consumers are making include using vouchers and discounts (at 72 per cent), buying more supermarket offers (62 per cent) and eating out less often (55 per cent).

Additionally, 45 per cent of people are choosing to shop at cheaper supermarkets, with 37 per cent taking a packed lunch to work and 34 per cent use their cars less.

While the building society describes these steps as "excellent ways" to cut back on day-to-day costs, the company points out that fewer than one in five people are checking to ensure that their savings are not losing value in real terms.

Meanwhile, 37 per cent are choosing their banks and financial service providers based on how secure they are and 46 per cent want a company that provides easy access to their money.

Despite 93 per cent of people telling the building society that they feel the impact of inflation on everyday spending more than they did a year ago, just 26 per cent consider this when looking for an institution to hold onto their savings.

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