My parents from a young age tried to teach me the meaning of money, of course I went through those times when as a young teen believing that money grew on trees, but once I moved out into my own place at 17, I become quite a thrifty person who hated (and still does) paying full price for anything; I do love a good sale.
The fact I had my identity stolen, by an ex, who racked up over £20,000 worth of debt in just a couple of months only helped strengthen my belief, that making sure I felt in control of my money is a must for me.
Personally I don't have huge savings, but I do have a ‘cushion' in case the unexpected happens and I have to admit I hadn't ever thought what would happen should the worst happen to my bank and suddenly everything is gone. How would I cope should I lose both my savings and bill money?
That is where the FSCS (the Financial Services Compensation Scheme) comes in, the FSCS is the UK’s statutory compensation scheme and is free and automatic to anyone who has savings, mortgages, credit, finance or insurance (to name a few services) with companies registered with the service. This fully government registered service has, since its set up in 2001, already handed out over £26bn in compensation to over 4.5m people.
When it comes to savings the PSCS offer up to £85,000 worth of compensation should your bank or building society go bust, which is enough to covering over 98% of peoples accounts within the UK.
September sees the launch of the “Protecting Your Future” campaign which sees 5 celebrities talking about why they save and what it means to them. September see's celeb number one Fearne Cotton talk about her views on savings and why they are important to her.
So next time you are looking to open an account or any other financial service make sure you check out the FSCS website and check the company you are choosing to give your savings to are protected.
Did you know about the FSCS, does it help you feel like your future is more protected?