Savers plan to put away more than £2,500 each this year

Forty per cent of UK savers have said they each plan to put aside more than £2,500 in 2017, research carried out by Charter Savings Bank has discovered.

The research found that those planning to put money away hope to save an average of £228 every month, a total of £2,736 over the course of the year.

The top three reasons people gave for putting money aside were for a holiday (18%), a deposit towards a new home (10%) and saving for retirement (9%).

A quarter of people said they were so committed to reaching their target that they planned to take on extra work to help them achieve their monthly target.

Paul Whitlock, Charter Savings Bank’s Director of Savings, said: “It’s encouraging that two-fifths of the UK adult population have a savings goal for 2017, but the fact remains that the majority have absolutely no target in mind.

“No matter how large or small, putting a target in place can be a huge motivation when it comes to regularly putting money aside. Knowing what you want to save for will also help determine the most appropriate type of savings account for your needs.”

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