A recent report by Zurich revealed that one in four adults in the UK have no savings. This research, developed with neuroscientist Dr Jack Lewis also revealed that one in three, the equivalent to more than 17.6 million, say they would not be able to recover quickly from an unexpected financial shock or loss of income. There are a number of factors that may have contributed to these findings, including the recent base rate rise, a spike in inflation and the fact that goods and services are now costing us more.
Last week (17th-23rd September) marked the 10th British Savings Week, which is designed to encourage people to consider different ways to save money and give advice on different savings accounts. Similarly, at HTB, we are working hard to inspire people to have savings in place, to help them feel financially resilient. To do this effectively, it is important that people review their circumstances and regularly assess the solutions and support available to them.
There is a long list of things we may be saving for: a rainy day, a deposit on a house, a holiday, education, home improvements, a new car and retirement to name just a few. To reflect this varied list there is a wide range of savings options available to help grow our money.
Splitting savings into different accounts is one quick and easy savings practice which can help us break down and focus in on the different aspects of our savings portfolio to simplify our overall savings strategy. There are several benefits to this approach as it can help us to rank and organise our deposits and seeing the separate funds grow can help encourage other good savings habits.
Some other examples of saving habits include:
- Setting savings goals
- Shopping around (reviewing mortgages, loans, credit cards to ensure we are on the best possible rate)
- Setting a budget
- Downloading an app to prompt saving
So, why not take a look at your spending and try to save money this week and beyond. Find out more about our personal savings and business savings accounts here.