Money Grows on Trees in London!

Money Grows on Trees in London!

24 Jul 2014

Money tree planted to encourage Britons to save more

Money doesn’t grow on trees – or so they claim! Visitors to Potters Field Park in London on the morning of 24 July were greeted by the sight of a tree full of real-life £10 notes.

CLICK HERE To See More Photos of the Money Tree

People passing by stopped to grab a bank note from the tree, which was planted by SunLife, a financial services company in the UK, in order to encourage British families to save more.

The tree was laden with £9,820 (Dhs61,452) worth of bank notes and marks the release of research by SunLife showing that the average British family has £9,820 in savings.

But the research also showed that nearly half of the working class has less than £1,000 (Dhs6,257.84) saved and almost a quarter have only £100 (Dhs625.78) saved.

The company research has shown that almost a third of Brits prefer to live in the now as opposed to taking precautions against future financial troubles that may befall.

This, the research shows, is evident in the fact that many Brits buy items that they cannot afford, with many even admitting that they sometimes run out of money before their salaries are in.

“There are many reasons why people struggle to save as much as they would like, especially in times of austerity. For one, it has become much easier to spend than to save. Savings products should be simple to set up, with clear benefits, and as easy to maintain as an iTunes account,” said Dr Liz McFall, Head of Sociology at the Open University and author of Devising Consumption.

SunLife has launched new stocks and shares available from just £10 (Dhs62.58) a month to help people save more.