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Personal goals cause Brits to start saving

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23/03/2009

By Imogen Crouch-Hyde 

There has been a significant shift in Britons’ saving behaviour as taking that first step onto the property ladder becomes priority, according to Birmingham Midshires.

Over the past six months young savers are starting to become more realistic about their future as the percentage of savers saving for ‘nothing in particular’ has fallen by 2%, showing they are now become more goal orientated.

Climbing onto the property ladder is now the main focus, with a quarter of savers aged 25 to 34 now saving for a property, compared with a fifth in July 2008.

Further research also shows that one in 10 British savers aged 35 to 44 are now saving for a deposit on a house, compared with 8% seven months ago. Although London is traditionally the home for those saving for a deposit, property markets in East Anglia and Wales stand to benefit from the new age saver. The percentage of people in Wales now saving for this particular goal has increased from six to 16% since July 2008.

Yet this is not the only big-ticket purchase that is inspiring young Britons to save. Financial circumstance are now influencing the likelihood of weddings as the percentage of people aged 25 to 34 saving for that special day has increased by 4% to 10%.

Tim Hague, director of savings at Birmingham Midshire, said: “This research shows a change in the mindset of Britons over the last seven months. One positive thing to come out of the current financial uncertainty may be a renewed understanding of the importance of saving money in advance of making big purchases. The need for people to prepare for their financial future is increasingly important.”

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