Released
on: June 10, 2009, 4:30 am
Author: Gill Stephens
Industry: Financial
According
to the latest NS&I Quarterly Savings Survey, much of the British population
is failing to make the most of money saved on household bills and outgoings
during the summer months as the increased sunshine makes them forget their budgets.
More than two-fifths (42%) of Britons think they spend less on outgoings such
as utilities and groceries during the summer months, with people expecting these
summer savings to average more than £75 (£77.39) a month. However,
rather than setting these extra pounds aside, it seems they're being spent on
leisure actives. Nearly half (48%) of the population think they spend more on
leisure activities in summer, this is more than likely to be impacted by children's
school holidays. During this season, outgoings on activities like socialising
with friends, parties and holidays increase by a monthly average of more than
£100 (£109.80). The warmer weather carries much of the blame for
this rise in spending as 43% of Britons say improvements in the weather made
them feel more relaxed about their outgoings.
While 92% of people say they use less heating in summer, four-fifths (82%) hang
washing outdoors rather than use the tumble drier and more than two-thirds (70%)
save on transport by walking more - there are other expenditures which outweigh
these savings. Nearly two-thirds (60%) of the population confess to spending
more on holidays in summer than winter and almost two-fifths (39%) are more
likely to spend money going out to bars and restaurants with friends.
Dax Harkins, NS&I's savings strategist, said: "Everyone loves to see
the sunshine, but people should try not to be so dazzled that they forget their
finances. It's great that many essential household costs are less during the
warmer months, but Brits would be wise to try and make the most of these savings
by putting some of this money away. Summer fun doesn't need to be expensive."
In fact, by taking a careful look at their finances, Britons could make even
more seasonal savings. More than a quarter (26%) of the population feel there
are more opportunities to set money aside during the summer of which they currently
aren't taking advantage. Further, 23% believe that they could look more carefully
at the amount they spend socialising to reduce their outgoings
Harkins continued: "Some people (7%) say that they're too busy to budget
properly. I would urge everyone to try and set aside a small amount of time,
even just half an hour each month, to review their incomings and outgoings and
to assess how they can better plan their budget - and as a consequence make
their longer-term finances healthier."
ENDS
Notes to editors
NS&I's Savings Survey
For a copy of NS&I's Savings Survey, case studies or further information
on the statistics supplied in this release please contact the NS&I media
team. Previous copies of the survey are available from http://www.nsandi.com/press-room/savingsurvey/index.jsp.
Selected regional data is also available on request.
The telephone survey was carried out by TNS among 1003 GB adults aged 16 and
above, 1 - 3 May 2009.
About NS&I
National Savings and Investments is one of the largest savings organisations
in the UK, offering a range of savings and investments to almost 27 million
customers. NS&I is best known for Premium Bonds, but also offers a range
of savings accounts including
easy access savings
accounts, savings bonds, investment accounts and high return savings.
All products offer 100% capital security, because NS&I is backed by HM Treasury.
NS&I PR contact:
Gill Stephens
National Savings and Investments
375 Kensington High Street
London
W14 8SD
020 7348 93449
www.nsandi.com