National Savings and Investments
 
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Press release

PESSIMISTIC BRITS STRUGGLING TO SAVE THE PENNIES

05 February 2008

British savers’ good intentions look like being thwarted, according to research conducted by NS&I (National Savings and Investments). Although Brits claim they want to save more, they are increasingly pessimistic about their ability to save, figures from the Quarterly Savings Survey suggest.

When asked about their savings aims, respondents said their ideal monthly savings target was £180.91. Though this was an increase in expectations from the previous quarter when they stated £174.91, many people feel they won’t be able to put away those extra pounds in the coming months. A third (33%) of Brits surveyed said they would be less likely to save in the next three months compared to just over a fifth (21%) who stated they would save more.

Dax Harkins, Senior Savings Strategist at NS&I, explained, “Despite a strong desire to put more away in the savings pot many people are really feeling the pinch. A little modification to your daily routine, which is sustainable, can help you build up quite a considerable nest egg”.

NS&I offers its top tips to people wanting to reach their savings targets in 2008.

NS&I TOP TIPS FOR SPRING SAVING

  • With the spring weather on the horizon consider using public transport. Oil prices recently hit a record high of $100 a barrel - double what they were in January 2007. Putting away your car and jumping on public transport or walking to work is a great way to make considerable savings.
  • Grow your own.  All you need is a sunny window sill or a small garden plot to grow your own herbs and salads.  These will last longer and can save you a few pennies along the way.   
  • Detox? Forget the latest diet fads or expensive gym memberships that you will only use in January (but pay for all year) – replace with a free daily walk and simple healthy eating plan.
  • Time for a spring clean? Ditch those old clothes and make a bit of money at the same time. Consider using online trading websites to sell all your old frocks and put the extra pounds into savings.
  • With many people throwing away unwanted food each week make sure you think small on your weekly shop. A staggering £8 billion worth of food a year is thrown away. Why not consider creating your own vegetable garden?
  • It is easy to tell yourself you’ll save some money at the end of the month, but why not enforce this discipline by setting up a standing order at the start of each month to help your savings grow. By saving as little as £30 a month you could splash out on a more luxurious holiday this summer.
  • Forgotten savings? Track down any of your old investments by logging on to mylostaccount.org.uk, the new online portal providing a free one-stop shop to search for any lost or forgotten bank, building society or NS&I account. 

ENDS

About NS&I

NS&I is one of the UK's largest financial providers with 27 million customers and over £83 billion invested. It is best known for Premium Bonds, but also offers Savings Certificates, Direct ISA, Guaranteed Equity Bonds and Children's Bonus Bonds in its range. All products offer 100% security, because we are backed by HM Treasury.

NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of 14,000 UK Post Office® branches. Customers can also pick up brochures for our Premium Bonds and Inflation-Beating Savings products at 400 WHSmith stores.

Quarterly Savings Survey

For a PDF of NS&I's Quarterly Savings Survey or further information on the statistics supplied in this release please contact the NS&I media team. Further information and previous copies of the survey are available from http://www.nsandi.com/press-room/savingsurvey/index.jsp. A regional trend breakdown is also available.

The survey, which questions people about their savings habits, was carried out by TNS among 3,016 GB adults aged 16+ between 7 September and 4 November 2007. Dax Harkins is available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by e-mail.

Media team
NS&I has a number of spokespeople available for interviews and our experienced radio team is available via our ISDN line: 020 7602 4522.

The numbers below are for media use only. Customers wishing to contact NS&I can find details here.

Gill Stephens 020 7348 9449
gill.stephens@nsandi.com
Iman Asante 020 7348 9301
iman.asante@nsandi.com
Angela Mason 020 7348 9433
angela.mason@nsandi.com

ISDN for interviews
020 7602 4522

Out of hours
All numbers above diverted to staffed mobile phones
 

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