Keep saving: Scottish Friendly

Keep saving: Scottish Friendly

Advisers need to help people save any extra money they may have in case of a downturn, Calum Bennie has warned.

The Glasgow-based savings expert, a marketing manager at Scottish Friendly Assurance, said that although the UK has seen slow, steady economic growth, bucking the wider economic problems of the eurozone, it was not a time for savers to relax.

He said: “This does not mean everyone is in clover. Recent reports suggest that the changes to benefits and direct taxes have hit families harder than any other group, and that the country’s poorest have struggled as a result. It remains to be seen if growth will continue.”

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Mr Bennie suggested that the non-service sector of the economy was not as buoyant as it could be, and economic difficulties in the eurozone were likely to affect the UK.

“A note of caution is advisable when it comes to growth, and people should be encouraged to save any extra money they have in anticipation of the colder economic wind that may soon blow across our shores,” he added.

His comments came as the ONS released data showing that the UK economy slowed down to just 0.5 per cent growth in the fourth quarter of 2014, with a total overall growth for the year of 2.6 per cent.

Adviser view

Chris Williams, chief executive of Bristol-based Wealth Horizon, said: “If you take into account the widely recognised troubles of the eurozone it would be foolish to think that the UK will continue to be unaffected. We are not out of the woods yet.”