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    EQN   GB00BYWWHR75

EQUINITI GROUP PLC

(EQN)
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Delayed Quote. Delayed London Stock Exchange - 07/30 11:35:09 am
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Equiniti : New FCA Stats Show Millions Of UK Adults Losing Value By Hoarding Savings In Cash

12/04/2020 | 03:51am EDT
  • FCA data reveals that 37% of adults with more than £10k in investible assets are saving wholly in cash accounts, with a further fifth (18%) mostly invested in cash
  • Rock-bottom interest rates mean majority of cash accounts losing value in real terms
  • EQ calls for greater access to Sharesave schemes to give employees an accessible route to confident investing in the stock market

Analysis of yesterday's FCA figures from EQ (Equiniti Group plc), an international technology-led services and payments specialist, find that the UK continues to suffer a major problem with saving in cash.

The statistics reveal that nearly two-fifths of adults with more than £10k in investible assets hold all their savings in cash, with another 18% holding most of their savings (>75%) in cash.

The paltry returns on offer from cash savings accounts were laid bare by the FCA in the report. It said through Which? research that of the 1,600 cash savings accounts analysed in January 2019 using data from Moneyfacts, only 170 accounts paid more than the Consumer Price Index meaning that over time the real value of the cash savings is eroded.

Shockingly, whilst those with larger assets are less likely to keep them in cash, there are still a surprising number of people with significant sums of money being eroded in real terms in cash accounts.

More than a third of those with investible assets of £50-100k hold the full amount in cash with a further quarter (24%) holding most of their assets in cash. Additionally, a third of those with investible assets of £100-£250k hold savings either fully in cash (15%) or mostly in cash (18%).


Paul Matthews, CEO of EQ Boardroom (the market leading provider of share plans in the UK serving over one million employees) believes more needs to be done to kickstart people's investment journeys.

'The FCA figures are clear evidence that too many people are leaving substantial assets in cash accounts where they are losing value. More can be done to encourage people to take their first steps into investing to make their money work harder.

'Sharesave schemes are a great way to get people who might otherwise take the path of least resistance and leave their money in cash savings, to consider taking their first steps towards investing in stocks. They offer employees a low-risk method of investing in their employer and often give participants the confidence to try other forms of investing.

'We urge employers to consider the value that their employees could take from the establishment of these schemes - not to mention the boost to productivity and engagement that owning a share in the company you work for can bring.'

ENDS


For more information:

Temple Bar Advisory
William Barker / Sam Livingstone / Alasdair Todd
Tel: 020 7183 1190
Email:equiniti@templebaradvisory.com

Notes to Editor:

1. FCA, Evaluation of the Retail Distribution Review and the Financial Advice Market Review, Consumer research to inform the FCA's Review

About EQ (Equiniti Group plc)

EQ is an international technology-led services and payments specialist. With over 5,000 employees, it supports 36 million people in 120 countries and serves c.70% of the FTSE 100. EQ's purpose is to care for every customer and simplify every transaction, delivered with less of an impact on the environment.

EQ is listed on the London Stock Exchange as Equiniti Group plc.

Find out more https://equiniti.com/

EQ serves clients and customers through four divisions:

EQ Boardroom: Share registration, governance and investor relations advisory, and employee benefits services

EQ Digital: Helping regulated businesses and Government to manage customers through innovative digital solutions

EQ Paymaster: Pensions, annuities, flexible benefits and payroll for the UK's largest public and private sector organisations

EQ U.S.: Transfer agency, equity compensation services and digital solutions for U.S. firms; serving the world's leading brands since 1929

Disclaimer

Equiniti Group plc published this content on 04 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2020 08:50:01 UTC


© Publicnow 2020
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