A huge figure made up of two thousand fake banknotes has taken a temporary post in Canary Wharf, symbolising the dangers of ‘sleeping savings’ for UK consumers.
Weighing over a tonne, this installation aims to highlight the jaw-dropping £1.3 trillion residing in low-interest British savings accounts that don’t keep pace with even half of the Bank of England’s base rate.
The environmentally friendly sculpture, dubbed the ‘sleeping giant’, was commissioned savings experts at Flagstone. It spans nearly eight metres and rises four metres high.
Flagstone aims to raise the alarm on the considerable amount of money trapped in poor savings accounts through this engaging visual display.
New findings from Flagstone have revealed 48 per cent of Brits with a savings account are unaware of their account’s interest rate, and many rarely checking how well their savings are performing.
“Most people aren’t money experts. But the first step to earning more interest, is taking an interest,” said a representative from Flagstone, emphasising the importance of being proactive.
They also highlighted that ‘people are busier than ever’ and as a result, managing savings may not always take priority.
The research also pointed to a rushed decision-making process regarding financial planning, noting that 15 per cent of adults make quick decisions when selecting their savings account, and one-third have remained with their low-interest option for over ten years.
For 43 per cent they acknowledge that their money could be more productive but are unsure of the methods, but a third admitted to concerns over financial risks.
“A little work goes a long way;” said 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.”