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

More people saving on a regular basis, says Lloyds Bank

0
Written by:
20/05/2015
People are feeling more confident about their savings, with more than two thirds setting money aside over the past year, according to a study.  

The Lloyds Bank Savings Report found that 44% of savers have saved at least once a month, up from 37% in the last quarter of 2014.

Almost one in ten (9%) have been able to save more than £1,000 in the last month and 18% have saved £500 or more.

Current levels of savings also paint a positive picture with 23% of respondents having more than four times their household monthly income in accessible savings.

The report suggests men are better savers than women, with 21% of men saving more than £500 last month, compared to 14% of women. Men are significantly more likely than women to save to fund their retirement, with 15% of men saving compared to 9% of women.

The top reasons people are saving include putting money aside for financial security (60%), nearing half (44%) save out of habit, with a similar proportion saving towards a short term goal, such as a holiday or new car (43%).

Philip Robinson, savings drector for Lloyds Bank, said: “We are seeing a shift in confidence when it comes to people’s ability to save.

“For people who may not be as confident with their current savings habits, it’s important to try and save a small and regular amount each month. This can help to build a strong savings pot over time, which can be increased as circumstances improve.”

Of those who have been unable to save in the past 12 months, around two thirds (64%) have not had enough money left to do so, while just under a third (30%) have been unable to save due to paying off debt. In addition, 68% of people surveyed said that they would rather pay off any debt they owe before saving.

Cash ISAs continue to be the most popular way to save (46%), followed by instant access savings accounts (44%). A fifth (20%) of savers say they have been using a high interest account in order to save money in the past 12 months.

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

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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

Read previous post:
How to pick a utility provider

It’s common knowledge that switching utility providers could save you a bundle, but how do you pick the right provider...

Close