Almost three quarters of British people say they are currently saving, according to research by Scottish Widows.
The savings study found that 74% of the 5000 surveyed adults are actively putting money away each month – up from 63% in 2010.
There has been a 7% rise in the average amount of long and short term savings, increasing from £30,175 in 2013 to £32,407 in 2014.
Of those who are currently saving:
- 40% want future financial security
- 38% want a fund to cover future emergencies.
Surveys over the last 5 years suggest a growing focus on long-term saving, with the number of people saving for their futures rising from 14% in 2010 to 17% in 2014.
Despite the recent improvements, there remain a significant number of people without a financial backup plan. In 2014:
- 18% had no savings at all
- 33% said they were not saving enough for long-term needs
- 32% said they hadn’t saved anything in the last year.
David Lascelles, savings expert at Scottish Widows, said:
“It has been a watershed year in the savings landscape and the study reflects to some extent the effect that landmark changes have had on people’s mind set. Greater flexibility on savings vehicles including ISAs and pensions as well as reforms to how savings can be passed on provide more incentives to put money away for the longer term.”