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With the near future of the UK still uncertain, it's heartening to see that almost half of savers are focused on the long run, as research from Lloyds Bank reveals that 46% of savers have a long-term savings goal in mind. What's more, a whopping 63% of 25 to 34-year-olds are saving towards a long-term goal.
This shows that a lot of Brits are resisting the urge to spend all of their money, although 51% admit that money they set aside often ends up being spent on unexpected emergencies instead. Not everyone can easily afford to set aside some money every month, either, with 56% believing that their day-to-day spending makes it more difficult for them to save.
Furthermore, a worrying 74% said they want to pay off any debt before they start saving. While it's always a good idea to take care of debt before you start thinking about setting money aside, the high number of people currently in debt indicates that it may take some time – and possibly a competitive 0% interest credit card – before a lot of people are ready to start saving up.
Despite these various obstacles, an optimistic 70% believe their savings goals can be achieved, with 27% focused on saving for retirement (and 66% of 55 to 65-year-olds) while 51% of 18 to 24-year-olds are saving for their first home. Of those not saving, 19% claim their main priority would be retirement if they were to start, while young people would sooner prioritise their first home (34% of 18 to 34-year-olds).
Of course, the main way to save for retirement is still through your workplace pension, but if you want to set aside your money for a few years without losing access to it entirely, there's always fixed rate bonds to consider. For those who want to save for both retirement and a first home, there's also the Lifetime ISA. While you wouldn't be able to take the money out of such an account without paying a penalty, and most lifetime ISAs require stock market exposure, they do come with an attractive Government bonus.
If you're not ready for a big savings commitment, there are also regular savings accounts to consider. These allow you to put a little bit of money aside every month, while offering some of the highest interest rates currently available. Not sure what kind of account is for you? Have look at our savings charts.
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