The Yorkshire Building Societyâ€™s â€˜The Nationâ€™s Nest Eggâ€™ report has revealed that additional savings of Â£190bn have been made over the last 18 months, as many peopleâ€™s opportunities to spend have been curtailed and many who have been working remotely have found a reduction in their outgoings.
ÂSomehow the building society managed to spin this good news story into a bad news story, highlighting aÂ Â£371bn UK savings shortfall in the UK, between what people want to feel secure, and what people actually save.Â This Â£371bn figure is, IFAC maintain, a fantasy figure, since even the richest donâ€™t feel rich.Â JD Rockefeller called out when his great rivalâ€™s JP Morganâ€™s estate was published â€œ"and to think, he wasn't even a rich man"
ÂIFAC highlight that a large proportion of the Â£190bn will find its way into stock market savings. This may either be through you, but even if not it will drive growth in share prices just as surely as it has driven the property market upwards. There has never been a better time to be an IFA.