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Young people 'likely' to buy loans
Young people are far more likely to buy loans than they are savings products, new claims show.
Savings products, however, seem to appeal much more to the older generation even when aimed at young professionals, claims Alliance and Leicester.
Spokesperson for the firm Ross Dalzell commented that "no matter how much [savings are promoted] it is loans that [consumers] are far more likely to buy".
He added that there has been a shift away from savings accounts that require notice towards instant access accounts as they are beginning to offer better rates.
The news follows recent claims from Compare First that borrowing in the UK is strong and growing, particularly secured loans, which can be used as a way to consolidate debts.
This is despite the fact that the Bank of England this month again raised interest rates to 5.5 per cent as the inflation level has been above three per cent.