Millions of UK adults have no savings
New analysis from Santander UK reveals that 10.3 million Brits (20 per cent) have no savings, leaving them exposed to unexpected expenditure. Although the average Brit saves £150 per month, a collective £81.8 billion a year, almost a fifth (18 per cent) save £50 or less.
The study, which investigates the savings habits of the nation, reveals that 52 per cent of people wish they could save more, on average an additional £388 each month. The most popular way to put money aside is in a savings account (53 per cent) followed by a Cash ISA (27 per cent). However, many Brits overlook investing as a way to manage their money with only one in 10 (12 per cent) saying they invest and utilise Stocks and Shares ISAs.
In fact, half of Brits (53 per cent) wish they had received more money advice at a younger age, rising to two thirds (66 per cent) for those aged 18 to 34, and decreasing to 42 per cent for those aged 55 and over. A quarter of UK adults (26 per cent) wish they had been taught more about investments and 21 per cent about budgeting, while almost one in five (19 per cent) wish they had received more advice about the different savings options available to them.
Helen Bierton, Head of Savings at Santander, said: “Our research shows that although many of us are saving, there is still a significant number who have no savings to fall back on or are not aware of all the options available. Developing a savings habit – no matter how small – is so important as it not only provides a safety net but is a way of providing for your future, and those of your loved ones.
“Santander offers a range of savings products with different options to suit individual customer needs and to help people achieve their savings goals, including both Cash and Stocks and Shares ISAs. For those considering investments, we recently launched our Investment Hub to make investing more accessible with investments from as little as £20 a month.”
The findings also highlight that more than three quarters of UK adults (78 per cent) believe that being “good with money” is a learned behaviour that anyone can pick up with practice. In comparison, only 13 per cent believe that being either good or bad with money comes naturally and is a behaviour that cannot be learned or influenced in any way.
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