Britain’s older savers are increasingly putting money aside not to fund a holiday, hobby or once in a lifetime experience, but to provide a financial safety net as concerns about costs in later life continue to grow.

The first United Trust Bank Savings Insight Report 2026, based on responses from 947 customers aged 55 and over, suggests that many people are increasingly saving not for fun in retirement, but to give themselves the reassurance that they can cope with whatever the future may bring – including the need for residential care.

More people said their main savings priority was day-to-day financial security (27%) than holidays and travel, home improvements, major purchases and lifestyle spending combined. A further 22% said retirement remained their biggest savings priority.

By comparison, only around one in 11 (9%) said holidays, travel, experiences or other lifestyle spending were their main reasons for saving.

The emotional value of savings was even more striking.

When asked what having savings actually meant to them, almost half (49%) said the biggest benefit was the financial security it provides, while 36% said savings gave them the freedom and independence to make choices about their future.

Perhaps the most revealing insight came from survey respondents’ own words.

Respondents were asked to share what their main saving priority was if it wasn’t listed as an option. 27% of those indicated that they were saving for potential old age care costs, maintaining their independence or ensuring they would not become a burden on their families. Verbatim responses included:

• “To ensure I have enough money should I need care later in life.”
• “To remain independent and not become a burden on my family.”
• “In case I or my husband have to go into care.”
• “To cover any costs I might have if I cannot care for myself at home in the future”

Their concerns reflect worries about how we look after our senior citizens when they can no longer live independently. Government figures show the average cost of residential or nursing care in England now exceeds *£60,000 a year, highlighting why more people are recognising the importance of building their own financial resilience for later life.

Brian Todd, Deposits Director – United Trust Bank, said: “The traditional view of retirement is that people finally start spending the money they’ve worked hard to save. Ticking off exciting bucket list experiences and seeing the world. Our research suggests the reality is often very different.

“What particularly stood out was the number of customers who, completely unprompted, talked about paying for future care and not becoming a burden on their families. That reflects growing awareness that many of us may need to rely more on our own financial resilience as we age.”

“Financial security has become a goal in its own right. People want the confidence that comes from knowing they can deal with the unexpected, remain independent and continue making their own choices in the future. And it seems many older savers are prioritising future peace of mind over having fun while they can.

“As we continue living longer, I expect we’ll see funding later life care become an even bigger driver of saving decisions in the future.”