Business News

Adults Not Saving Enough On Regular Basis

56% of adults feel they are not saving enough of their pre-tax income each month, according to research from Aldermore.

The specialist bank polled 4,005 people and found the average person is saving just 8% – or £153 – of their monthly income, which equates to £1,832 a year.

People on the lowest incomes were saving the most, with those earning £10,000 or less managing to stash away 15% of their earnings.

From a regional perspective, people in London who earn a typical annual salary of £30,734 are saving on average £2,990 a year – more than any other region.

However, those on the lowest incomes in Northern Ireland and Wales are saving roughly the same ratio as the rest of the country.

People in Wales on an average salary of £18,865 per year save around 8% of their income (£1,429) per annum.

Simon Healy, managing director of savings at Aldermore, said:

“It’s clear many people feel they are not saving enough, particularly at a time when wages are not increasing in line with the cost of living.

“We hope we can encourage people to make even a small change in their saving and spending habits, which can go some way to provide protection for the future.”

For any help or advice with financial planning talk to RPD

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