Forget rainy day concerns: A quarter of Britons are ‘aspirational’ savers with an end-goal

10th August 2015


While the majority, or 64%, of regular savers believe it is important to contribute towards a ‘rainy day’ fund, 25% consider themselves as ‘aspirational’ savers, choosing to put their cash towards a tangible savings goal.

The most popular savings goal for 51% of aspirational savers was a holiday. A new home was the second most important goal for 31%, while 17% were saving towards home improvements.

Table one: Most Popular Aspirational Savings Goals

Ranking Aspirational savings goals Percentage of ‘aspirational savers’ saving towards this goal
1 A holiday 51%
2 A new home 31%
3 Home improvements 17%
4 A new car 12%
5 New clothes or accessories (i.e. watch, shoes etc.) 10%
6 Christmas 8%
7 Wedding 7%
8 Present for loved one 6%

The research also revealed that 80% of adults hold at least one savings account and nearly half at 48% of those with a savings account said they saved at least once a month.

While the average savings pot stands at £10,156, with an average monthly contribution of £156, 15% actually have less than £100 in their savings.

Of those with a savings account, 54% have one account, 30% have two and nearly 9% have three. Notably 7% of savers have four or more accounts.

The analysis also found that nearly a third, at 31%, have a savings account linked to their current account, with more than a quarter of those saying this was one of the main reasons they chose their existing current account. In addition, 39% believe they save more as a direct result of having a linked savings account.

Paul Stokes, head of products at M&S Bank, commented: “It’s great that the vast majority hold savings accounts and, more importantly, half are choosing to save regularly. Saving just a small amount each month can really go a long way, whether you’re saving for a rainy day or an aspirational target, like a holiday, new home or home improvements.

“Linked or regular savings accounts often offer more competitive rates and are a great way to help savers reach their goals; our research shows that they’re becoming even more popular with savers.”

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