Brits put £49bn aside for a rainy day purchase

Summer may have been a washout, but 14 million super saving Britons won’t be fazed since they have plenty of money stashed away to make a rainy day purchase - some £49 billion in total.

According to this latest research from Abbey Savings, Britain’s super savers have amassed an average of £3,500 each that they are planning to blow in one expensive, single purchase.

Luxury holidays top purchases

But what are our super savers planning to spend it on? 9.8 million (34 per cent) are planning to splash out on a luxury holiday, 4.2 million (15 per cent) a new car and 3.9 million (15 per cent) will use the money to refurbish their home. 755,000 (three per cent) are saving up for their wedding day while a further 225,000 (two per cent) will spend it going under the knife of a cosmetic surgeon.

Youth leading the way

Over 65s have saved the largest average amount towards a big ticket purchase at £5,740, while 18-24 year olds have managed a more modest average of £963. However younger people are more likely to be saving up for an item with 45 per cent of them currently doing so - compared to 22 per cent of over 55s. It certainly seems the older we get the less we want.

Men more likely to be saving up

40 per cent of men are likely to be saving up, compared to 31 per cent of females. They have also saved-up almost £1,000 more than their female counterparts with an average of £3,890 put towards an expensive item compared to the female average of £2,924.

Reza Attar-Zadeh, Abbey's Head of Savings commented: “It’s heartening to see that so many Britons are prepared to save up for big ticket purchases, especially as so many young people appear to be doing so. Nothing beats that feeling of being able to splash out on something you have saved long and hard to own.”

“If you’re saving up for a big purchase, it’s important to make your money work for you. Abbey offers a competitive range of fixed rate, instant access and special savings accounts. Our Super Monthly saver account offers 10 % AER, while our Super Bond and Super ISA both offer 8.1 per cent AER.”

Abbey’s Super range pioneers the use of combination products involving strong cash rates combined with guaranteed structured investment vehicles. The way these products are manufactured allows for highly attractive rates combined with capital guarantees.

Customers can apply for any of Abbey’s Super range by visiting abbey.com.