Saving £194 a month equates to financial happiness

New research by Skipton Building Society shows that there is indeed a price we can put on happiness, or ‘financial' happiness at least. For as little as an extra £6.75 a week, the equivalent of the cost of a daily chocolate bar, Brits would stop worrying about money and banish feelings of guilt!

When asked about how much people need to save to feel happy about their financial situation, the average amount named is £194 a month. With Brits on average already putting away £167 a month, they currently only fall short of their financial happiness target by £27, or £6.75 a week.

The average Brit scores a measly 4.3 out of 10 on the ‘financial happiness scale', highlighting the discontent felt by the majority of the population regarding their finances. But by making these small additional savings, of just £6.75 a week, Brits could see themselves shoot up on the financial happiness scale.

But the price of financial happiness does vary from region to region, with those living in London needing to save £254 a month to reach their financial happiness levels, whilst those in the East of England would be happy with much less - £167 a month.

Kris Brewster, head of products at Skipton Building Society comments: "Financial worries can affect all of us, but it's important to take control of your finances and do the most you can do to ensure your finances are in the best state you can achieve. Savings clearly play an important part in this. Our research shows that having a savings safety net can indeed go a long way in bringing financial happiness to our lives.

"We know that people can find it difficult to keep up a regular savings habit and with that mind we have recently launched our new My Savings range, twelve goal focused saving pots allowing people to see exactly what they're saving for and helping them overcome financial worries and save their way to happiness".

For further information, visit skipton.co.uk.