West Brom study reveals we’re still a nation of savers

Britons haven’t lost their appetite for saving – despite the current low interest rate environment and economic uncertainty over issues such as Brexit.

A survey conducted by one of the UK’s leading building societies, the West Brom, shows that 72 per cent of the nation still class themselves as regular savers.

Out of more than 1,300 adults questioned, some 69 per cent expected to save the same amount of money in the next 12 months as they did last year, while 53 per cent said they would like to save more but currently don’t have enough disposable income to do so.

In contrast, only one in five said they would prefer to live for today rather than save for tomorrow, although this increased to more than a third among 18-24 year olds who are more likely to put spending first.

Across the board, just 25 per cent of respondents were prepared to take greater risks with their money to increase their chances of a better return.

However, middle-aged Brits – between 35 and 44 - admitted they were hoping to save more as a precaution in the next 12 months because they are worried about the future.

David Taylor, the West Brom’s Head of Products, said: “It is reassuring to see that the majority of people in the UK, particularly in these uncertain economic times, see themselves as savers.

“Putting money aside figures strongly in people’s minds and they believe it’s important to build themselves a financial buffer.”

The study also revealed how people were starting to think beyond the humble savings account, showing a willingness to consider investing money in alternative ways.

A third were prepared to look at investing in stocks and shares and 25 per cent agreed property might provide a means of boosting their cash pot. Peer to peer lending, Premium Bonds and even investing in material goods such as classic cars and fine art were also mentioned.

David added: “Diversifying their investments can help some people get more out of their money, albeit with careful consideration for any risks involved.

“Our survey showed that people do generally have a strong grip on their finances and regularly review their financial position, something we would strongly advocate at the West Brom.”

For more information, visit westbrom.co.uk.