NS&I Finds Brits Not Serious About Saving Until 25
on: March 15, 2010, 12:05 am
National Savings and Investments
The latest NS&I (National Savings and Investments) survey
release has shown that the average age for Britons to start saving
seriously is 25 years-old. More than a fifth (22%) of the population
said they didn't start setting money aside in earnest until they were
past their 30th birthday, while more than 13% fail to seriously save
until they are 40 years or older. 15% confessed that they had actually
never saved at all.
The NS&I study into savings habits also
explored what kick starts savings behaviour. Surprisingly, holidays and other
short-term outgoings get most women (67%) in Britain saving, with planning for the
future a secondary thought. In contrast, more men (60%) think about longer-term
events, such as saving for their wedding, starting a family or buying a house.
Additionally, reading stories about how others, without savings, have suffered in an
emergency encouraged a third of Britons to start saving for the first time (33%),
with a similar number (31%) confessing that it was when they suffered a financial
shock personally that they began their savings habit and 39% citied they saw their
parents worrying about money and wanted to save to have peace of mind. 14% said they
began saving to pay for further education.
As well as looking at what makes people start setting money aside, the research
looked into how life experiences affect attitudes to saving. Almost a quarter (24%)
wished that they had saved more in the last 18 months' to deal with the recent
economic turbulence and 32% wished they had started saving much earlier in life than
John Prout, NS&I's savings spokesperson, explained: "It's great to see that most
Britons started to save seriously in their mid-twenties. And for those who have not
yet developed the habit it is not too late to start. However it is important to not
just see savings as a reaction to major events. Our research shows that 32% of
savers say that they have saved in the past but have not managed to continue putting
With the end of the tax year approaching, NS&I is urging people to use the
opportunity to take a fresh look at their finances and learn from their past
regrets. John Prout continued; "We're urging Britons to review their future
financial needs and to develop the habit of saving."
Notes to Editors
*The survey, which questioned people about their financial habits, was carried about
by TNS in January 2010 among 1004 GB adults aged 16+.
NS&I is one of the UK's largest financial providers with almost 27 million
customers and over £95 billion invested. It is best known for Premium Bonds, but
also offers Inflation-Beating Savings accounts, ISA and Cash ISA accounts, Guaranteed Equity Bonds
and Children's Bonus Bonds in its range. All products offer 100% security, because
NS&I is backed by HM Treasury.
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