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Media centre /
Press releaseWHAT STOPS US SAVING? 02 April 2005Women say they can’t afford to save, some men admit to being too lazy Two thirds of Brits (70%) would like to save more than they do currently, according to recent research from National Savings and Investments (NS&I), the government-backed savings provider. So what’s stopping them? Top 5 barriers to saving more
Can’t save? Almost half of UK adults (48%) say that they cannot afford to save any more money than at present, suggesting salaries only just cover living expenses with no scope for savings. Women are most affected by this, with 54% complaining of being unable to afford to save more compared to 42% of men. A further one in 10 UK adults are held back by their spending habits. 13% end up spending all their money before they get around to thinking about savings. Affordable savings Yet for determined Brits affordable savings are within reach. The average person thinks by cutting out just one luxury they stand to gain £75 each month or £900 a year, a significant boost to normal savings. Nights out, clothes and takeaways came out as the most popular areas to cut back on to create extra savings. Those aged 25-34 would see the biggest boost to their savings with an extra £92 each month, or £1,100 a year. For many savers, calendar events such as New Year or Lent provide the impetus they usually lack to cut back. Approximately seven million Brits attempted to last without an indulgence for the 40 days of Lent, which ended Easter Sunday. Although traditionally more than half (58%) fail to see Lent promises out, the possibility of such significant cash savings should help would-be savers resist temptations[1]. Getting it right Uncertainty is also stopping some potential savers. Despite a wealth of information from advice columns, best buy tables and direct from providers, 5% complain they do not know where to put their money. Those aged 55-64 are particularly baffled, with 14% unsure where to put savings. Both men and women also consider a lack of access to their money as a barrier to saving more. One in 12 (8%) say they don’t save in case they need to get their money in a hurry. Instant access savings accounts, which provide a straightforward and flexible way to save, could be ideal for these people. The gender divide Women are more motivated to save (71% would like to save more compared to 68% of men) yet men stand to gain the most as they think they could save almost twice as much as women each month (£92 compared to £58). One in four men thinks they will save over £100 a month compared to one in 10 women. This may be due to men earning higher average salaries (£28,000 pa compared to £20,000 pa for women[2]) or could be linked to their choice of area to cut back spending on. Women are most likely to cut back on clothes, shoes and takeaways. In contrast, men list nights out and holidays as their preferred areas to reduce spending – larger purchase areas. Worryingly, nearly one in 10 men (8%) admits to being too lazy to get organised to save more. This is four times greater than the number of the women (2%) who blame laziness for their lack of thriftiness. For those who lack get-up and go, saving by standing order could be a good way to hit those savings goals. Couch potatoes need only fill in one form for these schemes which aim to take the hassle out of saving. Making room for savings John Prout, sales director at NS&I says, “There are many distractions to stop us from saving more but we need to look at whether our reasons for failing to save are real constraints or stumbling blocks that can easily be overcome. “By either cutting back on a luxury a month or simply switching savings account to one that better suits your needs, many savers will see these barriers disappear and their savings grow. With new services such as saving by standing order, by phone or online it has never been easier to save.” ENDS Notes to Editors 1. The National Savings and Investments survey among 1,007 adults was conducted by TNS via PhoneBus, 28-30th January 2005. Q: Would you like to save more than you currently do?
Q: Which of the following is most likely to stop you from saving more than you do?
Q: Which one of the following areas of spending are you most likely to cut back on?
2. National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products to 26 million customers. All products offer 100% capital security, because they are backed by HM Treasury.We have a number of spokespeople available for interviews via our ISDN line: 020 7602 4522. 3. NS&I is the exclusive sponsor of The Classical BRIT Awards, the UK’s premier classical music awards show, at the Royal Albert Hall on 25 May 2005. Further information on NS&I, including press releases and product information, is available on the website at www.nsandi.com. You can also contact the NS&I Media Team. [1]An NS&I survey among 1,007 adults was conducted by TNS via PhoneBus, 28-30th January 2005. [2] 2003 New Earnings Survey
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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