Brits addicted to saving money

By ALAN O'SULLIVAN
Updated:

 

A fifth of Britain's savers confess to being addicted to saving money, but a major proportion also worry about not saving enough.

Contrary to popular opinion of Britons' spending habits, which are often thought to be out of control, over a third of us feel anxious about not saving enough, according to the latest National Savings and Investments Quarterly Savings Survey.

This summer is the first time there has been an increase in value across all of the savings measurements in the NS&I Quarterly Savings Survey since autumn 2005.

Over the past year, the average amount saved each month across the population has increased from £77.55 to £81.43. The number of people who regularly set money aside each month has also marginally risen from 46% to 48%.

Yet the 3,000 savers surveyed worry about money which could have been saved that they have frittered away - with nearly half of them saying they worry if they waste money or overspend. And more than two fifths of Brits say they worry if they dip into their savings pot to fund an unplanned purchase when they had been saving for something else.

There are slightly more female 'saveaholics' than men, but they also tend to spend more – and give themselves a harder time about it. Women tend to worry more when they have not saved as much as they would have liked. Nearly a third of women deny themselves holidays, social engagements and buying new clothes, compared to a just over a quarter of men.

However all Britons are willing to go through hardship for the sake of their bank accounts: almost a third say they have turned down holidays, social engagements, buying new clothes and carrying out house renovations in order to save.

When it comes to spending on friends and family, one in ten savers even confess to not buying them presents in order to boost their saving, while 8% say they have not bought a round of drinks.

For the first time since the survey started almost three years ago, the most commonly cited reason for setting money aside was 'saving for an emergency', which replaces holidays and retirement as the most popular savings goal.

Dax Harkins, senior savings strategist at NS&I, said: 'This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny.

'This may be influenced by the increased use of the internet, which not only makes saving easier but also offers many ways to cut spending. People are increasingly embracing this and are proud of their savings.

'It is positive to see that over half of savers say they save a small amount on a regular basis. Even a small effort to save can be rewarding. Savers should review the small steps they can take to cut back on spending to make saving sustainable.'

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