Savings lull 'unsurprising' in current environment, says adviser

BBA: Lowest savings growth in six years

Victoria McKeever
clock • 2 min read

A six year low in annual savings growth, as reported by the BBA today, is "unsurprising" given the current low interest rates and wages, adviser Paul Richardson has said.

The Concept Financial Planning managing director said savers were not given any incentives to save as any money currently deposited in banks was not growing fast enough to make up for low wage growth. According to new figures from the British Bankers' Association (BBA), personal deposits in major UK banks grew at a rate of 2.6% in the past year, the lowest rate since December 2011. It also found ISA cash deposits with high street banks to be in decline. They fell by £0.7bn in May on the previous month, while the annual growth rate also declined. Personal debt growth also slowed how...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Defensive income before retirement: A four layered framework

Defensive income before retirement: A four layered framework

Entering decumulation can be an unsettling time for clients

Joe Simpson
clock 10 August 2026 • 4 min read
The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

A look at the three Ss of retirement income

James Peel
clock 04 August 2026 • 7 min read
What the decumulation shift means for advice firms, and how the best are responding

What the decumulation shift means for advice firms, and how the best are responding

'Technology is part of this picture in ways that are worth being honest about'

Andy Zanelli
clock 14 July 2026 • 4 min read