Do you consider yourself a good saver? It’s common for saving patterns to change with time depending on national and even global factors that come into play. With the cost of living crisis taking prominence, many people across the UK are having to think outside the box to make their money work harder. But what are the patterns across those who are willing to save? Here’s a breakdown of the current situation in the UK at the moment.
How good is the UK at saving?
Many people in the UK own a savings account to benefit from additional perks, such as a good interest rate, later down the line. According to research by Leeds Building Society, figures show that six in 10 people are still adding to their savings each month despite the cost of living crisis. Six in ten (59%) UK adults are still able to put money aside each month. On top of this, 61% of UK adults have set themselves a savings goal for the year.
Search trends have indicated that many have a willingness to learn about different ways to save. The same research has shown that 11% of those saving are doing so to simply try not to dip into their savings. Perhaps this is in light of a more long-term financial goal, or simply to separate ’leisurely’ funds from more necessary costs such as utility bills.
As is common with any data, there are regional differences that have come into play. Attitudes towards spending across the UK vary widely, with, residents of Northern Ireland being the most likely to be saving more money in 2023 than they had done previously (9%), compared to those in Scotland (2%). People living in Northern England (6%) were the second most likely to be doing this.
Younger generations want to save
The research also highlighted that those aged between 18 and 34 were the most likely to plan to start saving money in 2023. One in five 18–24-year-olds (20%) said they want to start saving this year and almost a quarter (24%) of 25–34-year-olds want to do the same. Whether it’s a cautious mindset prompted by the cost of living crisis, ambitions of saving for a house or simply a desire to put aside funds for the future, there is a strong desire to save money
Despite these trends, the older generations have the most savings. This is likely because they have had significantly longer to build their savings as they approach retirement.
How good are you at saving? Do you have any goals to improve your current habits this year? Leave your comments down below!
