Saving Top of this Year's Resolution List

As the UK starts on its New Year’s Resolution list, money matters are firmly on the agenda with the majority of people (78%) saying they plan to save next year and a third of that group, (34%) saying they will save more than in 2016.  The research, from new challenger bank Masthaven, finds that many will be saving with distinct goals in mind, with an estimated £4,000 each being put aside.

Of those with a clear goal in mind, holidays are the key reason to save (26%), followed by home improvements (11%) and housing deposits (10%).  Yet saving for financial security (45%) and for a rainy day (23%) are also key drivers for many.  Those looking for a new savings account next year say that good interest rates will be top of their shopping list (45%).

Jon Hall, Managing Director, Masthaven said: “For several years now the conventional wisdom has been that around a third of people in the UK don’t save.  This research shows a more positive outlook and one we are keen to ensure happens.  As a new challenger bank we are helping people meet their goals by creating new ways of saving.”

According to the research among 2,009 UK adults, 78% say they plan to save next year, with 34% saying they will save more and 28% saying they will continue to save at the same levels.   A further 16% will continue to save but less than they have done this year.  Just under one in five (18%) say they don’t save and won’t start and 3% say they will stop saving.

Of those planning to save more, most are in the 18 to 34-year-old group (46% of them plan to save more), while the regular savers are most likely to be over 55 (31% in this group said they would continue to save at the same level).

People in the North East (81%) and South East (81%) are the most likely to say they will save next year, while those in the East of England (72%) and South West (73%) are less likely to save in 2017.  People in Yorkshire and Humber and the West Midlands are most likely to try and save more in 2017 (41% and 40% respectively). 

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