Do you horde your money, or prefer you to fritter it away on the least insignificant trifle? New research from NS&I shows that, as a nation, our savings habits are very much mixed.
Their survey found that only a quarter of us have set ourselves regular savings goals. Women apparently favour short-term savings goals, like getting a new computer or car, while menfolk have more long term savings goals such as ‘retirement’ or ‘a rainy day.’
Saving spokesperson for NS&I, Tim Mack, told This is Money: ‘It is interesting to see the difference in saving goals between men and women. While it is good to see that women are saving up for things, rather than relying on credit or risking going into their overdraft, a large number of women are prioritising short-term goals such as holidays. The majority of men are saving for long-term goals such as an emergency fund, before those short-term goals. We would encourage people to share and plan their goals and savings objectives.’
With the beginning of the new financial year upon us, now is the time to make a fresh start - set annual savings goals, create a savings account with a direct debit to transfer a set amount to it each month, or instead of constantly paying bits and pieces, take out a lump sum at the beginning of the week and try to stick to it. We’ll let Mack have the last word on the subject. Take it away Tim.
‘The start of the new financial year is a good time to look at goals for the year ahead, and asses both short-term activities and long-term plans. Now is the perfect time of year for people to spring-clean their finances and adopt new positive savings habits.’
You heard him. Now get to it!