But it’s clear, as a nation we aren’t saving enough. We're a nation of spenders not savers.
In comparison to the rest of Europe, the UK comes 19th in the league table of savers!
In fact, our research shows:*
Saving can be difficult. Everyday challenges and juggling the demands of a busy life can limit how much we put away. But the consequences of not saving are increasingly clear – for mental health, for personal relationships and working lives.
Money worries are costing the economy up to £51bn a year.**
But it doesn’t have to be like this.
We’ve introduced award winning financial-wellbeing measures for our colleagues to help them improve their financial resilience. And we’re committed to helping more people become more financially resilient – by encouraging employers to help their staff save, helping improve financial education, and changing how we think about saving as well.
By 2024 we want to get 1.8m people into a savings habit.
It’s no small task. But our experience of using the workplace to get people saving shows it can be done. Innovative tools have encouraged non-savers to put a little bit away each month, and employers can help improve their staff's understanding of personal finances.
*YBS analysis of the Financial Conduct Authority’s Financial Lives Survey. https://www.fca.org.uk/
**Based on a survey of 10,053 people conducted online by Salary Finance. https://www.salaryfinance.com/