Tandem Bank launches ‘Savetember’
Tandem Bank has launched an annual campaign to get people saving. “Savetember” aims to engage those struggling to save and equip them with the right tools and guidance to build a healthy financial habit.
Research commissioned by the digital bank suggested men are more likely to feel confident about managing their money, while women are more cautious.
It found that women would rather save for specific short-term goals such as holidays whereas men’s savings goals tend to be longer term with general financial security and retirement at the forefront. Tandem data found that men are more likely to have a high amount of savings with 15 per cent of men having a pot of between £50,000 and £200,000, compared to only 5 per cent of women.
Mobile bankers were the most savvy in their attitude to money with 71 per cent shopping around for the best deals and 66 per cent making sacrifices to better control their financial future. Nearly half of mobile bankers (44 per cent) move their money into savings around once a month, with little variation in amount, hence they are more likely to make larger saving deposits overall.
Tandem also found that people under the age of 34 feel less in control of their financial destiny and tend to save in a low-reward, regular saver or current account. The data also suggested that those living in London want and need the most assistance in how to save, reflecting the affordability challenges of life in the capital.
Market reports suggest that savings in the UK are at an all-time low, while credit card spending continues to increase. In 2018, the Money Advice Service reported that 16 million people had less than £100 saved. The Office for National Statistics has also reported that 50 per cent of 22 to 29-year-olds are living with no savings at all.
Ricky Knox, Tandem Bank CEO, said: “At Tandem we make every decision based on what our customers actually want from their bank. What we see time and time again are customers’ issues with saving. It’s time for banks to stop profiting from a generation of non-savers and transform a national habit.
“The numbers speak for themselves: too many people rely on credit in emergencies rather than money that has been set aside. It is too easy to bury our heads in the sand, hide our money worries or not act on them.”
The bank’s Savetember campaign will offer practical tips and guidance to saving, and discuss everything from saving on a date night to saving to buy a home.