Brit's are saving for a rainy day

New research from Confused.com has revealed that as a nation we're saving for a rainy day rather than towards any particular goal.

The comparison site found that of the 80% of Brit's who save each month, nearly a quarter (24%) don't have a specific focus, whilst one fifth (22%) are saving for the long term and retirement and another 20% are saving for a deposit on a home. One percent admitted they're saving to leave their partner.

Chris Griffiths, head of Savings at Confused.com, said: "When you're struggling to get into a savings habit having a clear goal can make things easier.  It's a good idea to earmark some of your savings for short to medium term goals and some for the long term. Rewarding yourself with a small treat when you reach a certain goal can make it feel much more worthwhile, and some new clothes, a weekend away or a new gadget will feel much valued when you've saved hard to get them instead of putting them on the plastic."