Brits different gender attitudes to saving
According to new data released from NS&I's Savings Survey, over a quarter (27%) of the British population say they will be less likely to save over the coming three months. With the findings highlighting the population's pessimistic attitude to future savings.
However, the results shows that around a quarter (26%) of British savers are getting into good habits by setting themselves regular saving goals, and the findings reveal that males and females have very different priorities.
More than two-fifths (41%) of females with savings goals told NS&I they are motivated to save for leisure activities such as holidays, and prefer to set short-term savings goals. Less than a third (29%) of men said they favour saving in this way. When NS&I asked males what their main reason for setting money aside was, over a quarter (27%) said they were saving in case of an emergency, and 26% said they were saving for their retirement, highlighting that male savers are more motivated by longer-term goals. In contrast, under a fifth (19%) of female savers said they were saving in case of an emergency, and only 14% are saving for their retirement.
NS&I Saving Spokesperson Tim Mack says: ""It is interesting to see the difference in saving goals between men and women. While it is good to see that women are saving up for things, rather than relying on credit or risking going into their overdraft, a large number of women are prioritising short-term goals such as holidays. The majority of men are saving for long-term goals such as an emergency fund, before those short-term goals. We would encourage people to share and plan their goals and savings objectives."
NS&I has found that, of both males and females with a savings goal, other key motivators include:
Saving for a deposit to buy a home or pay off a mortgage (35%)
Setting aside funds for their children's future (14%)
Mack continues: "The start of the new financial year is a good time to look at goals for the year ahead, and asses both short-term activities and long-term plans. Now is the perfect time of year for people to spring-clean their finances and adopt new positive savings habits."
Over the coming weeks, why not take some time to spring clean your finances? It is advisable to have at least three months salary saved up in case of an emergency such as job loss. Review your average monthly outgoings and think about how you could cut back on unnecessary spending. What you don't spend you can save and put towards something you really need, or a savings ‘safety cushion', should you need some extra money in an emergency.
Set yourself some saving goals for the year. Do you want to save for that housing deposit, renovations or that impending holiday? Work out exactly what your saving priorities for the year are then work out what you can afford to put towards its each month.
With the upcoming bank holidays and warmer weather approaching look at cheap options for travel. Flying on a weekday rather than a weekend or public holiday is often cheaper. Plan ahead and buy rail tickets at least a fortnight before you intend to travel. There are big savings to be made by using holiday comparison websites.
Make the most of a rainy day to go online and set up a regular direct debit from your current account into a savings account. This means you don't need to worry about saving every month, and it will help you keep on track with your savings goals.
It's often a good idea to draw up a calendar so you can see when events, outing and holidays are coming up, so that you can plan ahead for these extra costs instead of relying on your current account or going into your overdraft.
An alternative to help with your spring budgeting might be to consider only taking out a set amount of money at the start of each week and limiting yourself to this budget. At the end of each week or each month you can transfer the remainder of your disposable income into a special savings account. How much do you think you could live on each week?