A New Year – A New motivation to Save
You would be forgiven for thinking that giving up chocolate or quitting smoking would be the top of people’s New Year’s resolutions list; however an independent study has revealed that people are most concerned with reading more and saving money.
These were the top two results in a poll administered to 2000 people by gym chain, LA fitness.
2012 was a year where people were made increasingly aware of the advantages of saving, as well as the possible consequences for those who were not able to save, or simply chose not to. It was also the first full year for the Junior ISA, a savings product aimed at parents looking to save for their children’s future.
With an economic climate that is so fragile the struggle for many has been to budget effectively enough to have any spare money at the end of the month, and this has meant that thousands have missed out on putting money away for a rainy day. However figures released in quarter 2 of 2012 by the Office for National Statistics (ONS) have revealed that the household savings ratio, the amount households save in relation to their resources, is increasing steadily, while before the recession in 2008 it was decreasing. The decrease was mainly down to high levels of household spending, while people now realise they don’t have the resources to do this.
This is testament to a better education about saving, as well as an increased need to save as a means of financial security, which those in the UK are experiencing.
There are certainly worse New Year’s resolutions to make, and it is fair to say that there will not be too many who aren't concerned with either getting their finances in order, or looking to put money away monthly in 2013.
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