Britain’s spending habits: we’re saving for holidays!
Legal & General, along with a team of behavioural economists, social psychologists and financial specialists, have been researching Britain’s spending and saving habits.
They’ve come up with several facts, including:
- Property is out and holidays are in:
- 1 in 3 people are saving for a holiday
- Saving money could help us live comfortably
- Only 11% of Brits are saving for a new home
Travel is the third most common expense people are saving for, according to our survey. Only ‘emergencies’ and ‘financial stability’ are higher priorities.
40% of people think saving could help them maintain their lifestyle during retirement while 35% think it could give them freedom to travel.
Saving up to buy a property is less important to people than saving for a new car or travel, according to our recent survey results.
1 in 2 people think that they would need more than £50,000 to feel financially stable – However, 20% of male survey respondents said they’d need more than £200,000 to feel fully financially stable, compared with only 15% of women.
According to the Office for National Statistics, savings as a percentage of household income fell to 4.9% in 2017, the lowest figure since records began in 1963.
Over half of Brits eschew the advice of putting some money aside every month, instead either only saving irregularly or not saving at all.
9% of respondents to our survey said they rarely add to their savings, and 12% said they don’t ever save any money.
While over half of survey respondents have more than £3,000 in savings and 22% more than £20,000, at the other end of the spectrum 9% have less than £500, and 15% have no savings at all.
If you are looking for tips on finding the funds for worldwide travel, this might interest you.