Despite tough economic conditions, savvy Britons are still finding ways to save money – and it’s the younger generation that’s leading the pack.
Energy prices are rising and inflation is taking its toll on the real value of our money, but a new survey by insurer Standard Life has found that many British savers are undeterred by the harsh economic climate.
According to the survey, 41% of Britons said they had saved as much or more money during the last year as they had in the 12 months before that.
Those aged between 25 and 34 were the most likely to save, with 51% of respondents saying they had saved the same amount or more this year than during the prior year, while 46% of 18-24s said the same.
The proportion of over-55s who said they had maintained their level of saving was just over 41%.
By region, Standard Life found that people in the North East were the most thrifty with their cash as 48% in that region reported saving the same or more over the period. 45% of respondents in London said they were either maintaining or growing their savings while just 36% from the West Midlands and the South West reported maintaining their savings – the lowest proportion in the UK.
Standard Life’s head of pensions policy, John Lawson, said: “Savings, whether it is for a new home, holiday or the long term is vitally important. People don’t have to set aside a lot of money to feel the benefit of an investment in the future. Whether it’s putting it into a mutual fund, pension or ISA, a little is better than nothing at all.”
Moneyhighstreet comments: “It’s important for every household to try and amass savings. Not only do they give you peace of mind about your financial situation, but they act as a cushion in tough times, allow you make large purchases when you need to.
“Moreover, if you place your savings in high interest accounts such as stocks and bonds or cash ISAs, they can also help earn you money.
“If you’re having trouble saving, start by setting aside a small amount each month and budget for it. You’ll soon be able to watch your money grow and help you safeguard your financial position.”