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Media centre /
Press releaseBRITS FAILING TO MAKE THE MOST OF SUMMER SAVINGS03 June 2009
Much of the British population is failing to make the most of money saved on household bills and outgoings during the summer months as the increased sunshine makes them forget their budgets and spend more on having fun, according to the latest NS&I (National Savings and Investments) Quarterly Savings Survey. More than two-fifths (42%) of Britons think they spend less on outgoings such as utilities and groceries during the summer months, with people expecting these summer savings to average more than £75 (£77.39) a month. However, rather than setting these extra pounds aside, it seems they’re being spent on leisure actives when, with a little planning, they could still have a good time for less money. Nearly half (48%) of the population think they spend more on leisure activities in summer, this is more than likely to be impacted by children’s’ school holidays. During this season, outgoings on activities like socialising with friends, parties and holidays increase by a monthly average of more than £100 (£109.80).. The warmer weather carries much of the blame for this rise in spending as 43% of Britons say improvements in the weather made them feel more relaxed about their outgoings. While 92% of people say they use less heating in summer, four-fifths (82%) hang washing outdoors rather than use the tumble drier, more than two-thirds (70%) save on transport by walking more, and a third (34%) save money by eating garden produce - there are other expenditures which outweigh these savings. Nearly two-thirds (60%) of the population confess to spending more on holidays and weekends away in summer than winter and almost two-fifths (39%) are more likely to spend money going out to bars and restaurants with friends. Dax Harkins, NS&I’s savings strategist commented: “Everyone loves to see the sunshine, but people should try not to be so dazzled that they forget their finances. It’s great that many essential household costs are less during the warmer months, but Brits would be wise to try and make the most of these savings by putting some of this money away. Summer fun doesn’t need to be expensive. It’s always worth planning what you most want to do cost effectively and checking what free activities are on in your local area or perhaps consider packing up a picnic for an outdoor lunch rather than going to a restaurant.” Top summer savings tips from NS&I:
In fact, by taking a careful look at their finances, Britons could make even more seasonal savings. Over a quarter (26%) of the population feel there are more opportunities to set money aside during the summer of which they currently aren’t taking advantage. Further, 23% believe that they could look more carefully at the amount they spend socialising to reduce their outgoings. 26% of the population are actively trying to budget during these months, but sometimes overspend. Harkins continued: “Some people (7%) say that they’re too busy to budget properly. I would urge everyone to try and set aside a small amount of time, even just half an hour each month, to review their incomings and outgoings and to assess how they can better plan their budget - and as a consequence make their longer-term finances healthier.” ENDS Notes to editors NS&I’s Savings Survey For a copy of NS&I’s Savings Survey, case studies or further information on the statistics supplied in this release please contact the NS&I media team. Previous copies of the survey are available from http://www.nsandi.com/press-room/savingsurvey/index.jsp. Selected regional data is also available on request. The telephone survey, was carried out by TNS among 1003 GB adults aged 16 and above, 1 - 3 May 2009. Dax Harkins and other senior NS&I spokespeople are available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by email. You and your money - www.youandyourmoney.info - is a website launched by NS&I as part of an ongoing drive to improve the public’s understanding of personal finance. About NS&I NS&I is one of the UK’s largest financial providers with 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is 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 Post Office® branches. Customers can also pick up brochures for our Premium Bonds, Inflation-Beating Savings and Income Bonds at retailer WHSmith in 400 of its High Street stores and 155 of its travel stores.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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