Brits ‘addicted’ To Saving

Britons are increasingly looking to save money as they are evermore preparing for their financial future, new figures reveal.

In research released in NS&I’s Quarterly Savings Survey, some 20 per cent of those who regularly put money away confess that they are saveaholics – as they are setting cash aside at every possible opportunity. Meanwhile, just over a third (35 per cent) of respondents claim to feel anxious if they do not store as much into savings accounts as they had originally intended to.

Findings from the financial services provider also showed that 47 per cent of Britons get anxious about the state of their finances if they waste money or overspend. In addition NS&I indicated 42 per cent get worried if they have to raid savings funds to make an unplanned purchase, when they had been putting money aside for something else.

Dax Harkins, senior savings strategist at NS& I, stated: “This result challenges the bleak view of Britain as a nation obsessed with spending and debt and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny. This may be influenced by the increased use of the internet which not only makes saving easier but also offers many ways to cut spending. People are increasingly embracing this and are proud of their savings.”

“It is positive to see that over half of savers say they save a small amount on a regular basis. Even a small effort to save can be rewarding, savers should review the small steps they can take to cut back on spending to make saving sustainable.”

Overall, women were shown to have the greatest desire to save money. Just over a fifth (22 per cent) of female savers surveyed claimed to be saveaholics, in comparison to 19 per cent of men. Meanwhile, 41 per cent of women are concerned when they do not put away as much money as they intended to, while 53 per cent become worried after overspending money, as this in turn could affect their ability to service demands on other areas of their finances such as utility bills and personal loan debt. On the other hand, less than half of the males surveyed get concerned after spending more money than they had planned to.

The study also showed that just less than a third (29 per cent) have claimed to have avoided spending on luxuries such as holidays, buying new clothes and social engagements so as to maximise the amount of money they have set aside. One in ten claimed to have not bought presents for their loved ones in an attempt to increase their savings, while eight per cent have not bought a round of drinks.

And with the study showing a propensity to save among Britons, those regularly storing money aside could find themselves better prepared when it comes to paying off debts incurred on loans and credit cards in later life. However, this should not mean that consumers can take a complacent attitude to their finances. Last month, a study carried out by Unbiased showed 2.5 million adults cannot accurately state their level of debts run up via overdrafts, personal loans and other forms of borrowing.

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