Poll Results: How many save Money, and how often?
In our latest poll we asked you about your current saving habits in order to see how we are managing our savings, and whether or not people are actually putting any money away, either on a regular basis, or at all. Here are the results:
I am saving regularly in a tax efficient account, such as an ISA: 27.8%
I am saving regularly in a normal bank account: 5.6%
I am saving irregularly in a tax efficient account, such as an ISA: 11.1%
I am saving irregularly in a normal bank account: 11.1%
I am not saving at the moment: 44.4%
As it is three weeks since the start of the new tax year, savings have been a particularly hot topic recently. However it is no secret that we are in a moment where interest rates are desperately low and providers are actually trying to avoid hitting the higher reaches of the ‘best buy’ tables. This then doesn’t really get you rubbing your hands together in anticipation of receiving your interest bonus, but that isn’t really the point.
People who argue that there is no point in saving at the moment because of the poor returns they will receive should realise that this is really not the case. Yes, rates are poor, but you always need to save. From unforeseen events, to simple pleasures such as holidays or a new car, there is always going to be something that the money you put aside will get you that you wouldn’t otherwise have or be able to afford.
What these results tell us is that nearly half of us are failing to save any money at all, and this is somewhat worrying. Whether it is a case of poor budgeting, not being able to afford to save or simply not feeling like you have to save, we think you should be, and we can help you to start.
On the other hand however a third of us are saving on a regular basis, and not just here or there, which is encouraging. The fact that the vast majority are also doing so tax-efficiently means that most are also making their savings go further.
It is worth remembering though, if you are saving, that it may well be advantageous to review where you have your cash on an annual basis. This is because if you have opened an Isa or a savings account it is likely that there was an introductory rate with a bonus that may not have been carried through after the first year.
This means that the interest you will be receiving on your savings will probably be much lower than expected. Doing research and looking for an account offering a better interest rate could help to boost your savings.
If you would like any help or advice related to your savings, please do not hesitate to contact one of our advisors who will be happy to help.
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