According to the quarterly savings survey from National Savings & Investments, more than half of the people in the UK are now saving regularly. But almost half of these have no clear savings goals, and lack the motivation to save regularly as part of their income. More than a third blamed insufficient income for their lack of savings and 22% blamed heavy financial demands. The study found that 16 to 24 year olds save the most, for reasons such as putting a deposit on a home or paying for studies. Sixty per cent of this group was regular savers in the report. The largest amount of savers in any age group were the 33 to 44 year olds, with 64% regularly saving an average of 6.88% of their income.
Our view
At least some people are saving, this is a good sign for the future. Part of this is down to the slower housing market and marginally higher interest rates that people are paying on mortgages compared to two years ago.