Over two fifths (42%) of UK adults say the increase in the cost of living has meant that they have reduced or stopped any regular savings.
A survey of 2,000 UK adults was conducted by WEALTH at work, a leading financial wellbeing and retirement specialist and looked at people’s savings habits. It revealed the importance of saving is recognised by many, with a third (33%) saying that they regularly cut back on spending to make sure they add to their savings.
However, nearly half (45%) of UK adults say that they prefer to save what they have left at the end of the month rather than have savings come out at the start of the month. As spending increases with the cost of living, it is no surprise that people will have less available at the end of the month to save.
Half of UK adults (52%) are confident that they have enough savings set aside for emergencies, but the survey also found that half (50%) of UK adults know they should be saving more, not just for emergencies.
Jonathan Watts-Lay, Director, WEALTH at work, comments; “It’s very concerning that people are having to reduce or completely stop their saving in an attempt to free up money to pay for ever increasing bills. Many people do understand the importance of saving, and are careful with their spending to ensure they can add to their savings, but it appears that this is a something many can no longer afford.”