Confused.com finds that Brits make savings with no specific goal in mind
Confused.com has revealed that as a nation Brits are saving for a rainy day rather than towards any particular goal according to new research conducted by the comparison site.
Confused.com found that of the 80% of Brit’s who save each month, nearly a quarter (24%) don’t have a specific focus, whilst one fifth (22%) are saving for the long term and retirement and another 20% are saving for a deposit on a home. One percent admitted they’re saving to leave their partner.
Demographically, there are some other interesting findings. More men (8%) are saving for a new car than women (6%), with more people saving for a car in Wales (14%) than any other region. House deposits are the top savings goals in London (26%) and the South West (29%), and for 18-24 year olds in the UK.
The North East has more savings being earmarked for weddings than any other region (8%) and in Northern Ireland the focus is on the long term, with one in three (33%) saving for retirement, with 42% of 45-54 year olds in the UK saying retirement is their main goal.
By age, those aged 35-44 are saving to leave their partner (2%) more than any other generation and by region, more people in London are saving to leave their partner (2%) and for plastic surgery (2%) than any other region.
Chris Griffiths, head of savings at Confused.com, said: “When you’re struggling to get into a savings habit having a clear goal can make things easier. It’s a good idea to earmark some of your savings for short to medium term goals and some for the long term. Rewarding yourself with a small treat when you reach a certain goal can make it feel much more worthwhile, and some new clothes, a weekend away or a new gadget will feel much valued when you’ve saved hard to get them instead of putting them on the plastic.”
Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over two million quotes per month. Initially providing quotes for car insurance, it has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, breakdown cover and energy and electricity prices, as well as financial services products including credit cards, ISAs, mortgages and life insurance quotes.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding great deals for them on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
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