Change in Savings Attitudes - Savings - News - Moneyfacts

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Change in Savings Attitudes

Change in Savings Attitudes

Category: Savings

Updated: 31/10/2008
First Published: 28/08/2008

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 It is now over 6 months old so the content may be out of date.

"Buy now pay later" No longer preferred option

Current economic conditions have made millions of Britons re-evaluate their financial priorities, according to research from Abbey Savings(1). In particular attitudes towards saving versus spending have changed dramatically.

  • 5.6 million Brits admit to changing spending attitudes in past 18 months
  • Number of regular savers increases 51% from 2006
  • 1.4 million more now put aside money at least fortnightly

In 2006(2), 17.1 million people (37 per cent) described themselves as a "spender", but today this figure has dropped to just 11.5 million (25 per cent).

With an additional 5.6 million (12 per cent) now trying to turn their back on their spending habit, the research also unveiled a significant up-turn in the number of people trying to save on a regular basis. In 2006, 2.7 million (6 per cent) people said they attempted to save every two weeks or more but today this figure has jumped to 4.1 million (9 per cent), a rise of 1.4 million.

Since 2006 the number of people who hold a regular savings account has jumped from 6 million (13 per cent) to 7.4 million (16 per cent), reflecting this change.

1. ICM questioned 1000+ UK adults 18th-20th July 2008
2. YouGov questioned 1000+ UK adults 25th - 31st October 2006

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