Brits saving less than at any time in last half century

The survey of over 2,000 UK adults aged 18-64 has shown savings for those in the UK reached the lowest level for 50 years in 2017 with savings as a percentage of household income falling to 4.9 per cent, the lowest figure since records began in 1963.

Dr Kristina Vasileva, senior lecturer in Finance at the University of Westminster, said: “Self-control bias is the human behavioural tendency that causes us to fail to act in the pursuit of long-term goals due to lack of self-discipline. Money seems to be one area where people are displaying a huge lack of self-control.”

Following recent reports of a gender pay gap, our survey found there’s also a gender savings gap. 55 per cent of British male adults add to their savings each month, compared with only 43 per cent of women.

And almost 1 in 4 men have more than £20,000 saved – whether in ISAs, stocks and shares, or savings accounts – compared with less than 1 in 5 women.

Savings offer many benefits such as financial security, opportunities for a better future and less stress. Experts recommend having a good understanding of inflation, current markets, what’s available, and just how we like to save and spend.