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

Personal goals cause Brits to start saving

Written by:

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.”

Related Posts


Tag Box

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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:
Millions relying on credit

Millions of consumers are still reliant on credit for day-to-day living costs in 2009 according to the Post Office latest...