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More UK consumers saving but are still worried it’s not enough

Staff Writer |
The latest Lloyds Bank Savings Report, which sees Ipsos MORI survey over 2000 bank account holders in the UK, reveals that three quarters (76 percent) of people have saved money over the past twelve months.

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What’s more, the study shows that there has been a significant increase (6 percentage points) over the last six months in the number of people saving at least once a month (31% in November 2017, 37% in April 2018).

One fifth (20 percent) of consumers expect to save more in the next 12 months.

The report reveals that over one third (34 percent) of respondents did not dip into their savings over the last 12 months, helping consumers build their own savings pot.

Of savers that did withdraw money, the most common reasons include paying for a holiday (33 percent), covering unexpected outgoings (33 percent) and covering day-to-day living expenses (19 percent).

Although the average amount saved in the last month has decreased by £46 since November 2017 to £442, one in ten (10 percent) report still being able to save £1000 or more, with more than one in five (22 percent) being able to save £500 or more.

Despite the rise in the number of people saving over the last six months, the survey also reveals that almost half (47 percent) of UK consumers feel anxious, worried or insecure about the amount of savings they have, with nearly three in five (56 percent) agreeing they are not satisfied with their current level of savings.

One in ten consumers (12 percent) don’t have any savings they can access immediately, with over a third (36 percent) claiming to have fewer than three months’ worth of essential spending in savings.

Sentiment towards saving has also shifted, with a significant increase (10 percentage points) in the proportion of consumers claiming they would ‘rather pay off any debt owed before saving’ since November (74% November 2017, 84% April 2018).

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