September isn’t just about going back to school, it’s also about savings!
This week marks the third UK Savings Week. It’s an annual campaign run by the Building Societies Association (BSA) in partnership with various organisations, to promote the benefits of having savings, and actively managing them. Together we want to help people build their financial resilience.
The BSA acts as a voice for all building societies across the UK, providing support and guidance to its members. Suffolk Building Society is a proud member of the BSA.
For this year’s UK Savings Week, which runs 9-15 September, the BSA conducted some research into people’s savings habits. It found that almost half (48%) of UK adults are still saving less than they did before the start of the cost of living crisis.*
We’ve delved into some more of the stats specifically for the East of England.
How savvy are savers in the East of England?
The average amount that an adult in the East of England puts into savings each month is £220, however not everyone in the region can afford to do this.
A quarter of adults in the East of England have less than £1,000 in savings. Fourteen percent of people have less than £100.
One in five could not meet an unexpected expense of £300. This means that emergency car repairs, dental bills, or boiler repairs could cause a problem for almost 1.3m people in the region.**
Eight percent of people in the East of England have no savings at all. However, this is an improvement on both the national average (10%) and on this time last year, when it was 11%.
Twenty-nine percent of East of England adults never compare the interest rate on their savings accounts to others available. The same number hold most of their savings in their current account.
These savers are potentially missing out on hundreds or even thousands each year in interest payments. So, it’s really important to do your research and look at interest rates and different types of savings accounts to make sure you find one that suits your circumstances.
What are people in Suffolk saving for?
We surveyed nearly 200 of our lovely members and found that they love to travel!
When asked what they’d saved for, 82% had put money aside for holidays and travel, while home improvements were also popular at 73%. One in five have saved for fashion items and one in ten have put cash aside for beauty treatments.***
There was also a lot of selfless saving! University fees and house deposits for children and grandchildren were popular, with others paying rent, care home fees and medical bills for relatives in need. Generosity extended beyond the family too, with donations to charity, local hospices and churches.
Residents in Suffolk and the surrounding areas were happy to wait for their savings to come to fruition. In fact, 13% of people had saved up for something for longer than 20 years! Over half of those we asked had saved for something for between one and five years.
The most expensive items saved for included cars, holidays, wedding rings and retirement.
While bathroom extensions, beach huts, and even holiday homes as far-flung as Bulgaria have seen locals putting pennies away, some savings goals were further down the pecking order. One Suffolk resident set aside their money in order to purchase a chicken coop that they subsequently named “Cluckingham Palace”.
When asked about the ‘silliest’ thing they’d ever saved for, one long-suffering football fan claimed it was their Colchester United FC season ticket. Oh dear!
If you have any questions about savings or would like to enquire about opening a savings account, please contact us today on 0330 123 0723, use our online Savings Account Finder, or visit one of our branches.
*Research conducted by Opinium on behalf of Building Societies Association between 24 – 28 May 2024 with a nationally represented sample of 2,000 UK Adults.
**Based on 20% of the East of England population (6,398,497) which equals 1,279,699.
***193 Suffolk Building Society members surveyed via email on 21 August 2024.
