SAVING GOALS
Savvy savers squirrel money away for everyday costs amid cost-of-living crisis
SAVERS are now squirrelling money aside for more smaller, everyday costs – including energy bills, birthday presents, and even their public transport expenses.
A poll of 2,000 adults found that in times gone by 54 per cent would just swallow those smaller costs when they rolled around.
1
But with 49 per cent claiming the cost-of-living crisis has changed their attitudes towards saving, many are now building up cash specifically for clothing and food shops.
The financial uncertainty has also caused 44 per cent to want more money set aside for unexpected costs.
And 65 per cent fear being lumbered with a large bill or expenditure they hadn’t anticipated more than ever before.
It also emerged that, on average, savers have three separate pots of cash at their disposal as and when they need it.
The research was commissioned by Skipton Building Society as part of its Saving Goals campaign, which has seen the mutual team up with Great Britain women’s hockey goalkeeper and Olympic medallist Maddie Hinch MBE.
Speaking about her time ‘saving goals’ both on and off the pitch, she said: “Saving is important for everyone, including myself as an athlete, because ultimately my career has a ceiling – my future is uncertain.
“It's very important to think long term about what life might look like, but for me, the importance of saving probably came later than I would have liked as I've become more aware of life as I've got older – the importance of it becomes more real.
“It's that allocation of where you put the money that's really important – it can be quite easy to save for a goal you have, like a holiday or buying a new car.
Most read in Money
“But actually, putting aside something that maybe doesn't feel real in the moment is hard to do and to discipline yourself to do that and not necessarily touch that little part is tricky.”
The research also found, of those who have changed their saving attitude following rising costs, 49 per cent are planning ahead more than they ever did.
While 46 per cent want to have more of a rainy-day fund in case of job issues caused by an impending recession.
But despite many putting their money aside in case of emergency, 38 per cent have still set themselves some larger saving goals for the next 12 months.
With holidays, home renovations and a new car leading the way for these savers.
To reach these targets, 45 per cent are simply spending less on things they don’t need, while 35 per cent are going out less.
And 34 per cent are trying to put away money each month, with a third putting more budgets in places to make their aspirations become a reality.
Of these, 36 per cent are certain they will reach their savings goals within the next year, with another 35 per cent feeling optimistic.
Overall, 35 per cent of Brits have credited the rising cost-of-living with making them think about how they can become more financially resilient.
And 26 per cent believe they are now better at managing their money as a result, as previously, 28 per cent reckon they have missed out on something because they didn’t have enough cash to spare.
To help them on their financial journey, 34 per cent of those polled, via OnePoll, have sought advice and tips – with online articles being the most popular route, though many are continuing to turn to their parents for money guidance.
Nearly half (46 per cent) use online forums to steer their financial thinking, and 34 per cent have spoken to their bank to discuss what options are best for them.
Maitham Mohsin, head of savings for , said: “People aren’t saving for a holiday now; they’re saving for their weekly food shop.
“That’s a sobering reality, and while the cost-of-living crisis is certainly no secret, seeing the real impact on wallets and purses up and down the country hits you right between the eyes.
“There’s no doubt that attitudes to saving have changed, and our research shows while people are determined to become more financially resilient by saving as much as they can, they’re now having to save for things that are essential to everyday life.
READ MORE SUN STORIES
“It is, however, great to see that people continue to have saving goals.
“Keeping up those saving habits might be harder at the moment, but the discipline of saving regularly is a really great one to have for the future.”
Topics