Saving For Christmas 2022 | moneyfacts.co.uk

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Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 05/01/2022
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Consumers are already aspiring to save money to fund the cost of next Christmas, as according to new research by Tesco Bank, one in ten have started setting money aside for the festive season.

According to Tesco Bank’s survey, 62% of consumers have started saving for specific goals, including home renovations, a holiday or even birthdays. Following on from the UK restrictions caused by the pandemic, consumers are unsurprisingly enthusiastic to save up for sociable occasions in 2022, with 32% putting away £1,100 on average for a holiday and £668 on average for Christmas.

Saving for a new home or to fund the cost of home renovations is also in the mindset, with £2,847 saved on average towards a new home and £1,658 saved towards renovations. As many consumers spent more time at home it’s understandable to see a keenness to improve their living space, particularly if there is a need for an improved working space. Commenting on the survey, Gail Goldie, Director of Savings and Lending at Tesco Bank, said: “For many of us, taking the time to come together with family and friends to celebrate the things that matter most has always been important. Despite the uncertainty of the past couple of years, Brits are looking ahead and have begun saving in anticipation for a busy 2022. Birthday celebrations and holidays are high on the agenda for the next 12 months, whereas 15% are looking to improve their day-to-day surroundings by saving for home renovation projects.”

Starting up the savings habit

Regular savings accounts are a great choice for savers to stick to a savings goal as they will be able to put away a deposit each month, up to a maximum depending on the account. These can suit consumers who need to get into the habit of saving and, unlike easy access accounts, many will not permit access until the end of the term – ideal for savers who may be tempted to dip into their pot from time to time. However, while savers may find the interest on regular savings accounts advertised are much higher than other savings accounts, they are in fact calculated differently to other savings accounts.

Savers who want some flexibility with their savings can find out more about easy accounts and compare deals on our easy access savings comparison chart.

Those looking to save for their first home could choose Lifetime ISAs where they can save up to £4,000 a year and get a Government bonus of 25% on their savings nest egg.

Savers who have a goal in mind but are unable to start saving right away may want to draw up a budget to see where they can cut back, such as using an app like Money Dashboard. Those looking to automate their savings could also use a money savings app such as with Chip, Plum, Snoop and Curve.

 

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