The cost-of-living crisis has been a majorly impactful financial event for millions across the UK, and is well into its second year. Energy bills remain considerably higher than their pre-2021 average, and the cost of supermarket goods has ballooned over the past 12 months. All of this has naturally placed downward pressure on personal finances, and our ability to save.
However, according to a recent study, saving is still very much on the minds of adults across the UK – and there are some surprising statistics at play regarding the number of people putting money away in the midst of the present financial landscape.
Still Saving
The survey, undertaken on behalf of Leeds Building Society, took responses from 2,000 adults across the UK. According to the resulting report, almost three in five of UK adults have found themselves able to put some money away each month in spite of rising household costs. The same survey revealed that just over three in five of respondents had active savings goals in place, once again despite the cost-of-living crisis.
Attitude to Savings
The survey report also sought to find information on the habits, attitudes and aspirations of UK adults with regard to putting money away by country and region. This was in order to build a better national picture regarding attitudes towards the current financial situation. Of all citizens, Northern Irish citizens were found to be most likely to save more money in 2023 than in 2022, with 9% of Northern Irish residents thought to be saving more throughout the cost-of-living crisis.
The second-most likely to save more throughout 2023 were found to be residents of Northern England, though their likelihood was a third lower; just 6% of Northern English residents were thought to save more. The least likely to save more money in 2023 were found to be citizens of Scotland, of whom only 2% were expected to outperform their previous year.
Savings by Age Group
Even more illuminating, though, is the spread of opinions across age groups. The report revealed that 25-34-year-olds were most interested overall in starting to save money through 2023, with nearly one in four ready to start their savings journey. Second up was Generation Z, a fifth of whom had ambitions to start saving in 2023. The 65+ bracket were, naturally, least likely to start their savings journey this year, with only 2% responding affirmatively.
Findings
The report gave an interesting snapshot of the savings situation in households across the nation – and in so doing found some key components of the national mood regarding financial security during the cost-of-living crisis. The report found that 23% of respondents were anxious about the topic of saving money, which was the prevailing emotion. That said, 19% each of respondents found the subject to be empowered and reassured respectively.
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