You are here: Home - Saving & Banking - News -

Brits’ top savings goals revealed

0
Written by:
19/10/2021
Going on holiday is the UK’s number one savings goal, according to new research.

More than three in ten (31 per cent) people are stashing money away to pay for a break, while a further 30 per cent are putting their savings into a rainy-day fund to cover unexpected expenses.

A fifth (21 per cent) are saving towards Christmas, 20 per cent for home improvements, and 19 per cent to go travelling when the world opens up from the pandemic, Yorkshire Building Society found.

However, despite an increase in the number of people saving during the Covid crisis, more than one in ten (11 per cent) UK adults feel they are unable to save towards anything at the moment as their finances are squeezed by the increased cost of living crisis, the research said.

Tina Hughes, director of savings at Yorkshire Building Society, said: “As this new research highlights it is great that some people are managing to save and interesting that the top thing that they are saving for at the moment is to go on holiday as the world begins to open up from the pandemic.

“It is also great to see that people are saving towards a rainy day fund as this last year and a bit has shown the real need for emergency savings for people.

“However, it is also a stark reality that a tenth of people feel unable to save anything at all.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week