An expert has said that interest rates will not distract people from saving.

People looking to take out savings accounts such as ISAs or fixed rate bonds in the near future will not be put off by the current level of interest rates in the UK.

That is according to Jason Riddle, co-founder of Save Our Savers, who has said that anyone dependent on the income provided by the cash they had previously put away for the future "may be forced to spend their capital" or may feel that it is not worth preserving because of the fact that it is being "devalued" by the rate of inflation.

Official data from the Office for National Statistics last month revealed that the government's target measure of inflation - the consumer prices index - remained at 3.1 per cent in September.

And Mr Riddle added that until this figure changes, savers' cash will not be valuable to banks.

"The policy is making those who would be better off maintaining their savings in the long-term spend it," he concluded.

Meanwhile, one expert has said that people must be willing to consider their retirement savings.

People should think carefully about the type of savings account they want to use to fund their lifestyle following retirement, an expert has said.

It was suggested recently by Jason Butler, a partner at Bloomsbury Financial Planning, that savers are becoming increasingly less likely to use options such as fixed rate bonds or ISAs to store money for their future.

However, Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, has said that consumers must consider all the avenues open to them following the global economic downturn - and could even set out a formal plan for how they are going to spend their income.

"Lots of people do a business plan for the business, but they don't think to do the same for their own personal finances," she observed.

Ms Goodwin concluded that examination of a fiscal situation is advisable, as this will allow for both a "frittering away fund" for the present and savings for the future.

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