Searches for ‘savings account’ explode to highest point EVER as Britons continue to face skyrocketing costs of living.
Increasing Number of Brits Looking for Savings Account
Analysis of Google search data reveals that searches for ‘savings account’ exploded in the United Kingdom as of September 2022 – the highest level in internet history. The end of September, sees price hikes coming into effect across various sectors as well as almost 1,000 mortgage deals being pulled from banks as a result of the mini-Budget issued by the government.
The analysis, by savings experts Investing Reviews, reveals that interest for ‘savings account’ exploded to ten times the average volume within the past month, an unprecedented increase in Brits looking to open up an account, according to Google search data analysis. The data also reveals that searches for ‘mortgage help’ have exploded 513% since the 25th of September.
UK Cost of Living Crisis
With inflation at its highest in decades, the majority of UK households have been affected by rising prices; some of them unable to afford their weekly groceries and having to rely on food banks. In addition to the already high prices, the energy crisis has tipped many UK households over the poverty line, leaving them unable to afford their utility bills. Even for dual-income households, wages are not increasing enough to compensate how fast prices are increasing. As a consequence, many Brits are looking to alternatives to help them with their expenses.
Individuals with investments are seeing very little yield as markets continue to perform poorly. As for those with savings accounts, due to the period of high inflation that we are experiencing, their money is essentially losing value. It seems that Brits are learning from this experience and preparing their finances for the future.
A spokesperson from Investing Reviews, commented on the findings:
“The British public have been faced with a gradual rise in the cost of living since the pandemic, which has only amplified enormously in the last couple of months, with rising energy costs and mortgage deals falling through, leading to some British residents to look for more ways to save every penny.
Investing money and putting it into different types of accounts, can be a vital way to not only save your money and see profitable returns, however, it is strongly advised to research any savings accounts thoroughly before making any concrete decisions. It will be fascinating to see whether these searches translate into more savings accounts being opened.”