A colossal figure composed of two thousand counterfeit banknotes has emerged in Canary Wharf, serving as a stark reminder to Britons about the perils of ‘sleeping savings’.
Tipping the scales at over a tonne, this eye-catching installation was crafted to draw attention to the staggering £1.3 trillion of UK savings lying dormant in low-interest accounts, which fail to match even half of the Bank of England’s base rate.
The eco-friendly ‘sleeping giant’, conceived by the innovative minds at savings platform Flagstone, stretches nearly eight metres and stands four metres tall, taking a temporary slumber in London’s bustling financial hub until week’s end.
A representative from Flagstone spoke out on the creation, aiming to visually represent the vast sums of British money stagnating in underperforming accounts.
Flagstone’s research revealed a concerning lack of awareness, with 48% of savers clueless about their account’s interest rate. Moreover, a rarely seldom or never monitor their savings’ growth.
“Most people aren’t money experts. But the first step to earning more interest, is taking an interest,” remarked a spokesperson for the company.
“People are busier than ever,” they added, acknowledging that savings may slip down the list of priorities.
The study highlighted a hasty approach to financial planning, with 15% of adults spending mere ‘minutes’ choosing their savings account, and a third sticking with the same low-yield option for over a decade.
For 43%, they are aware that their money could be working harder but simply don’t know how and a third confessed they worry about the financial risks.
“A little work goes a long way;” stated a spokesperson for the brand, “millions of savers could be earning double what they are today.
“The first step is staying informed knowing your interest rate and knowing where to look for better options.
“It’s time to wake up the UK’s savings; when every pound pays its way, savers can earn more, do more, and ultimately feel more secure.”
