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Monday 28th of June 2010
July 7, 2009    

Brits want £6,000 a year to start saving

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by David Masters
Brits want £6,000 a year to start saving

The half of Brits who currently can’t afford to save would have to earn an extra £500 per month before they’d consider putting anything aside for the piggy bank, new research has discovered.

The poll by moneysupermarket.com found that 52% of UK adults don’t have enough cash to save on a regular basis.

On average, those without enough money for savings said they’d need an extra £518 income before they started paying money into a savings account.

High earners said they’d need even more to start saving.

Those earning more than £32,000 per year said they’d need an extra £720 per month to start saving, compared to an average of £453 for those earning less than £30,000.

In a separate survey, moneysupermarket.com asked non-savers what they’d do with an extra £518 per month.

More than half (54%) said they’d spend it on clothes, holidays, gadgets and home improvements rather than start saving.

Kevin Mountford, moneysupermarket.com head of banking, said: “Our research suggests many people consider savings to be the money left over after they have finished spending, irrespective of how much they earn.

“Saving is not something that comes naturally to many people, it takes discipline and self sacrifice.

“A good way for people to start saving is to work to a strict budget and see where cutbacks can reasonably be made.

“Saving needs to be a positive decision to put money aside before people start to spend.”

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