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MONEY COMMENT
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I thought 'young people today' spent all their dosh on mobile phones, gadgets and living it up. Apparently not: according to savings bank ING Direct, over eight out of ten 16- to 24-year-olds (82%) intend to save more this year than they did in 2003! ING's research reveals that more than half of Brits (57%) aim to become better savers this year. Most of us have short-term plans for our cash: over a third (37%) are saving for a holiday, nearly 3 out of 10 (28%) for home improvements, and one in seven (14%) for buying a house. As always, wedded bliss is on some people's minds, with 1 in 17 (6%) saving for weddings. Unsurprisingly, more men are saving for cars (one in five, or 20%) than women (one in seven, or 14%). Apparently, women prefer to feather their nests, with almost a third (31%) saving for home improvements, compared to a quarter of men (25%). Disturbingly, only 1 in 8 of us (12%) are saving for retirement, so it looks as though, for most of us, our fun will end when we retire! Indeed, one in seven people (14%) have admitted that they won't be saving at all this year, perhaps because of problems with budgeting or debts. ING has a vested interest in conducting this survey (and encouraging us to save), because it wants to promote its own savings account. However, that's a good thing, because its account offers the highest standard interest rate for a no-notice account: 4.3% AER, topping the Best Buy table at Moneyfacts. Given that the average savings account pays about 2.5% less than ING's account, and ING is a Fool advertiser, I'm going to give it a shameless plug. You can open an ING savings account here. Alternatively, if you don't like paying tax on your interest, you can invest up to £3,000 a year in a tax-free cash mini-ISA. Learn more here (this account offers the highest rate). Finally, here are three more articles on earning more interest on your savings: So, what are you waiting for? Switch your savings to earn more interest today!