Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from email@example.com. Be Scamsmart.
Savers are starting to prioritise experiences over material goods, with 74% focused on setting money aside to be able to make memories, according to Charter Savings Bank. Many believe their homes are already too full of physical products to need any more.
Given this state of 'peak stuff', 48% say they are starting to focus on saving for events, holidays and hobbies rather than buying products. "Many people are realising that when they buy 'stuff', it usually only depreciates in value, becomes obsolete, and the memory of its purchase wanes," Paul Whitlock, director of Savings at Charter Savings Bank, said. "However, when paying for meaningful events, the anticipation of the experience provides more than just a quick rush, and the memories after the event grow ever more valuable."
While many people will at one point or another save up for a wedding, big birthday feast or a once-in-a-lifetime holiday, this now seems to be happening more, with savers setting an average 23% of their savings aside to pay for life experiences. Especially those under 25 are more likely to save for experiences, with 65% doing so because they enjoy them more.
However, some don't think they have much of a choice, with one in four under-35s saying they save for experiences because they can't afford expensive assets such as a house or a car. People over 55 don't tend to have this problem, with 51% saying that they've changed their plans to start saving for life experiences simply because they have enough stuff to last a lifetime.
Whatever the reason, there's more than enough interesting experiences that people can save towards. But how much do you need? The survey further revealed that 48% are saving for a major event with an average value of £3,400, while one in 20 are planning to set aside more than £20,000. As of yet, respondents said that on average they had spent almost £4,200 on life experiences.
All of this saving requires a good savings account. If you have your big 40th or 50th birthday coming up in a few years, for example, you could put money aside in a fixed rate bond now and earn some interest ready for the big day. If your timescale isn't as set, or you don't have any savings yet, you could start simple with a regular savings account or easy access account. Each type of savings account has its strengths and weaknesses. Whatever you're looking for, however, our savings Best Buys can be a great place to start.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.