14Nov

General

Are You a Savvy Saver? Find Out How You Compare

Do you know your finances? We all like to think we do. From how much we put away each month in a savings account to how much we pay for our energy bills, these are things we should be able to check in on regularly and keep an eye on.  

But how many of us can definitely say we know where each and every penny goes each month? Well, we asked over 1,000 people how much they knew and understood when it came to budgeting, how much they saved and their money habits in general. We received some very interesting results, especially about people’s saving habits.

We discovered that 59% of those who took part are currently saving money either regularly or as and when they can, while only 5% aren’t saving anything and never have. A savings buffer is ideal for those emergency life expenses that crop up every now and then, to avoid you having to struggle to cover the cost and make rash financial decisions. Overall, 88% of those who took part have saved money in some shape or form at some point.

Women appeared to be more likely to save than men, with 35% responding that they put away what they can, compared to 32% of those men who took part. Men (16%) however, were more likely than women (13%) to have a set target that they try to stick to each month.

Unsurprisingly, traditional savings accounts were the most popular method of saving money with 48% of respondents using these. A jar for spare change came in second (30%), while keeping money in an ISA was the third most popular means for saving money (21%).

Are you a thrifty saver or do you prefer to live life to the max? Share the results with your friends to see how they compare.

An infographic showing how people in the UK manage their savings

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