HSBC UK’s latest survey of over 2,000 Brits has aimed to understand Britons saving goals and habits. The research found that just under half of young savers put away at least 20% of their monthly income, compared to just 12% of respondents aged between 45 to 54-year-old.
Gen Z are saving the most money
HSBC’s survey revealed some interesting findings. Including that 23% of Brits are making strong saving choices by putting aside some money from their salary as soon as they are paid. However, HSBC’s results proved Gen Z are the biggest savers out of all UK respondents, as 48% of Gen Z respondents are putting away at least 20% of their monthly income- higher than any other age group. Whereas only 12% of respondents aged between 45-54 are putting aside some savings from their monthly income.
Most popular saving goals revealed
When HSBC asked respondents what their most popular saving goals, the results showed that travel, setting aside money for emergency funds and home improvements were the most popular goals- with 20% of the Gen Z population currently saving towards a house deposit.
UK’s top 14 savings goals:
- Emergency fund (cited by 30% of respondents)
- Travel (27%)
- To support family (17%)
- Home improvements (13%)
- New car (11%)
- Big occasions e.g. Christmas, birthdays, etc (10%)
- House deposit (10%)
- Household item e.g. sofa (9%)
- Luxury item e.g. designer handbag (6%)
- Luxury items for hobbies e.g. golf clubs (6%)
- To start my own business (5%)
- To study / re-train (5%)
- Wedding (5%)
- To take a sabbatical (4%)
The data comes as HSBC have also launched a new savings feature to help customers identify, plan and manage their savings goals.
Commenting on the launch, HSBC UK’s Head of Everyday Banking, Pella Frost, said: “Saving money can be easier when you have a goal in mind. With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis. This is another step forward in helping our customers build great savings habits and achieve financial resilience.
“Before opening a savings account, we always recommend you review your budget so you know how much you can afford to lock away and for how long.”
Pella adds: “Fixed rate ISAs are an excellent way to save for short term goals such as booking a holiday or buying a car. By locking your money away for a set period at a fixed interest rate, you can develop a healthy savings habit.”
HSBC UK offers free financial health checks for customers to help with budgeting and saving.
For further information on saving and spending tips, please see here: https://www.hsbc.co.uk/savings/everyday-spending-hacks/
