It takes two to help a savings dream come true - Savings - News - Moneyfacts

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It takes two to help a savings dream come true

It takes two to help a savings dream come true

Category: Savings

Updated: 23/07/2012
First Published: 23/07/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

As the song goes, it takes two to make a dream come true. This also appears to be the case when it comes to achieving savings goals.

People in relationships are more focused on building a nest egg for their future compared to singletons, saving around £800 more per year. Men are particularly influenced by their partners, saving on average £85 more a month than if they were on their own.

Motivation from partners contributes to an extra £68 invested on average a month. Over half (57%) of couples believe there is a bigger incentive to save for the future when in a relationship.

Establishing a partner's attitude to saving is a major factor for over a third of older couples, compared to only 6% of people aged 16-24. This reflects not only differing attitudes to saving, but also the fact that younger couples are more focused on other financial plans such repaying existing debt or purchasing their first home.

John Prout, NS&I director, said "It is good to see that people in relationships are motivating one another to save significant sums of money.

"As well as helping each other save towards goals and providing more security in difficult times, these savings will make a difference for the bigger financial milestones that come during a relationship, like buying a home, or saving for life in retirement."

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