Average saving habits 2015: How do yours compare?
Wednesday, September 2, 2015
How much does the average person save in the UK?
This time last year, we took a look at the NS&I Saving Survey for an insight into the UK’s saving habits. The latest research has now been released, so it’s time for an update and another chance to see how you compare to the average saver…
Let's take a look at some of this year’s key findings so you can see how your savings habits size up.
Average savings put aside each month: £113.77 (or 8.52% of the average monthly income), the highest level NS&I have recorded in 10 years.
• This means we're saving an extra £12.74 per month compared with last year
• In monetary terms, men are saving more than women (£116.25 compared with £90.51), but in terms of percentage of income saved women are in the lead, saving 8.11% of their incomes compared to 7.63% for men.
• Most savers (74%) are not saving for anything in particular but are still putting savings aside as they believe it’s the right thing to do.
• Of the 26% who were saving for a specific goal, 42% were saving for holidays and special occasions , while 35% said they were saving for housing costs, including saving for deposits.
• Despite saving more, nearly a third of savers – 29% – did not believe they had enough put aside in case of an emergency.
• Savers who feel best prepared for an emergency are those aged 65 and over, with 73% feeling comfortable with their savings, while only 48% of those aged 35-44 could say the same.
Overall, it's a more positive savings picture, which is good to see! No matter how little you can afford to put away, or how late you start, getting into a savings habit, can help you to plan for your future.
You might also be interested in:
Successful saving made simple: a visual guide
Back to saving basics: working out a budget
Family finance planning: how Foresters can help
This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.
NS&I Highest average savings for a decade
NS&I British women saving more than men despite only a small average income increase