Society reveals what Britons are currently saving for
New research shows that holidays are the top life moment being saved for with more than three in ten UK adults (31%) currently saving towards a break
This is closely followed by saving for a rainy day with three in ten (30%) UK adults saving towards an emergency pot
In stark contrast though more than one in ten (11%) UK adults feel unable to save towards anything
Yorkshire Building Society has launched a new campaign highlighting real life stories from its members showing how the mutual supports them to make real life moments happen
More than three in ten (31%) of UK adults are currently saving for a holiday new research by Yorkshire Building Society has revealed.
Yorkshire Building Society commissioned the research through Opinium[i], to find out the top life moments and events that Britons are currently saving towards. In a positive sign the results also showed that three in ten (30%) of adults are saving for a rainy day fund in case of an unexpected life moment.
Rounding out the top five life moments that UK adults are saving for reveal a fifth (21%) are saving towards Christmas with a similar number saving for home improvements (20%) and to go travelling as the world opens up from the pandemic (19%).
The research also revealed however that more than one in ten (11%) UK adults are unable to save towards anything currently as their finances are squeezed by the increased cost of living crisis.
Tina Hughes, director of savings at Yorkshire Building Society, said:
As this new research highlights it is great that some people are managing to save and interesting that the top thing that they are saving for at the moment is to go on holiday as the world begins to open up from the pandemic. It is also great to see that people are saving towards a rainy day fund as this last year and a bit has shown the real need for emergency savings for people. However, it is also a stark reality that a tenth of people feel unable to save anything at all.
As a mutual organisation, we are owned by our members and not shareholders. For us, our aim is helping real life happen for our members, it’s about helping them to achieve their personal goals, whether that’s saving for a holiday, improving their homes or saving for life’s unexpected emergencies.
Yorkshire Building Society launched a new member loyalty programme in January 2021 that is on course to pass back an estimated £40m in extra interest to more than 1.7m existing members on selected savings accounts this year.
The research was commissioned on the back of a new campaign launched by the Society to highlight real life stories from its members showing how the mutual supports them to make real life moments happen.
[i] Yorkshire Building Society Real Life Moments survey: The research was carried out online by Opinium. All surveys were conducted between 28 September 2021 and 1st October 2021 and the sample comprised 2,000 UK adults.