Post-recession Brits are wising up to the merits of putting a little aside to cover those unforeseen expenses. Figures from the Halifax show that savvy savers in the UK topped up their savings pot to the tune of £803 in the three months to July.
And when it comes to Brits’ savings priorities it seems that very little has changed over the decades. Here are the top five things people are currently saving for, according to recent Halifax research.
A rainy day (33%)
While we try to plan for every eventuality, there is always an event or two that seemingly crops up without warning and throws our budget off kilter. This is exactly what a rainy day fund is designed for; giving you the funds you need to prepare for that last-minute wedding invite or tend to that essential boiler repair.
Nothing beats getting away from it all on our annual holidays, whether we take them on UK or foreign shores. Many Brits are unwilling to forgo this stint away from the 9 to 5, and are prepared to stow away as much of their hard-earned cash as possible to sample the delights of sun, sea and sand.
Providing our finances are in order, retirement is a period that many of us will look forward to. With the world of work behind us we can finally start ticking off those items on our bucket list and making the most of any free time. Building up a healthy retirement fund can give us greater peace of mind during our twilight years.
House deposit (11%)
With house prices spiralling ever upwards, the dream of home ownership can seem like a distant prospect for many. This is why many are keen to ensure that they have a deposit in place, so that when the time comes, the climb up the property ladder won’t seem quite so steep.
Traffic jams aside, getting from A to B is made that much easier when you have a car at your disposal. Despite the expense involved in running a car, ranging from car insurance to the cost of petrol, many seasoned motorists still prefer a spin in a car to a stint on public transport.
Helping you spend and save
Prepaid cards could help shoppers both spend and save. Accepted at more than 30 million merchants worldwide that accept MasterCard/VISA and over 2 million ATMs to make withdrawals, prepaid cards enable shoppers to make the purchases they need anytime, anywhere.
While prepaid cards can be topped up online at anytime, users can only spend what is on their card. This feature means that prepaid cards could support shoppers’ attempts to budget and in turn their ability to set aside savings.