• Main reasons parents* admit to hiding accounts from their partner include to maintain independence (38%) and to surprise their family (30%)
• Women are more likely than men to have less than £100 in savings (19% vs 11%) but they gain a greater sense of achievement when they do save
• Over half (54%) of people with no savings say they are spenders, but nearly half (42%) are confident they could save a little each month

New research by the Building Societies Association, as part of UK Savings Week, reveals the secrets and emotions behind our saving habits and our biggest goals and downfalls when it comes to saving.

Parents’ savings habits

Overall, around half (48%) of all parents* have a secret savings account or have had one in the past, compared to just one in five (22%) of non-parents. The main reasons people admit to doing this are to maintain independence (40%), followed by wanting to be able to use the secret money to surprise their family or partner (23%), which rises to 29% amongst men. 

Non-savers’ feelings 

A quarter (27%) of people say they are spenders rather than savers. This rises to a third (32%) for those who are parents, and doubles to more than half (54%) for those without any savings put aside. Women are almost twice as likely than men to have less than £100 put aside (women 19% v men 11%).

Looking just at those who don’t currently have savings, it’s revealed paying off debt is the number one future saving goal (39%) followed closely by the need for an emergency buffer (38%) highlighting the financial strain some of us are still under. 

Three fifths (60%) of people who haven’t got any savings say the reason is because they don’t have the spare money to save. A quarter (23%) say it’s because their savings goal is unachievable and 22% say it’s because something always crops up that they need to use their savings for. Nearly three-fifths (58%) of people with no money saved have negative feelings when they think about their savings, including worry and anxiety (30%), shame (11%) and guilt (8%).

However, nearly half (42%) of non-savers said they are confident they could start a regular savings habit of at least £10 a month. When people do have some savings set aside, their feelings change dramatically. Nearly half (40%) of those with some savings of up to £100 have positive feelings about their savings, such as optimism (10%), pride (10%) and sense of achievement (9%). This rises to 68% for those with savings between £6,000-£12,000. 

Savings Goals

The nation’s biggest savings goal is to build a rainy day pot, with a third (33%) of people putting money aside to cover unexpected costs. Around one in four are saving for holidays (26%) and for later life (25%). 

A closer look at all savings goals reveals a gender difference with women more likely to be putting money into an emergency fund to give them peace of mind (women 37% v men 30%), whereas those who are saving for a luxury purchase are more likely to be men (men 10% v women 4%).

Amelia Murray, Deputy Editor at Be Clever With Your Cash, commented: 

“This research is a reminder that money is incredibly emotional, for individuals and couples, alike. There are lots of reasons why people may keep their savings a secret from their partner, and it’s not always a bad thing.

“Money can also have a real impact on our wellbeing. For many, not having money set aside can really affect their mental health, causing stress and anxiety and leading to feelings of shame and guilt. However, it’s clear from the research that people don’t need to save much to feel more positive about their finances - which is really reassuring.

“It’s also encouraging to see that so many non-savers feel they’re able to start a regular savings habit. There are no right or wrong ways to save, and it’s fine to be flexible. Sometimes life throws us some unexpected curveballs and we may need to adjust how much we set aside. 

“It’s worth taking a moment every so often to review your finances, what you earn and what you spend, and if you can, save a little. UK Savings Week is a great reminder for us all to do this.”

Andrew Gall, Head of Savings and Economics at the Building Societies Association, commented: 

“Even a small amount of savings can have a positive impact on people’s lives, so it is fantastic that hundreds of organisations are coming together to spread that message through UK Savings Week.
 
“For those people lucky enough to have put some money aside, Savings Week encourages you to check that those savings are working as hard as they could be. With some competitive rates on offer, the interest you earn over time could really help you to build your emergency buffer, holiday fund, house deposit, or whatever your own savings goal is. The rewards to saving come over time, and UK Savings Week is a useful prompt to step back and think about making the most of your savings.”

-ENDS-

About the Research

This research was conducted by Opinium, on behalf of the Building Societies Association. They surveyed 2,000 UK adults aged 18+ online between 6-9 August. The results have been weighted to be nationally representative.

See Appendix for full research tables.

* In these results ‘Parents’ refers to parents with children aged under 18. Parents with older children are not included.

About UK Savings Week - 9-15 September 2024

UK Savings Week is a Building Societies Association led campaign with a clear social purpose of getting people engaged in saving, whether that is people who don’t have any savings to fall back on in an emergency, or people who have some savings but which could be working harder for them. 
It’s a sad fact that 14 million people in the UK have less than £100 in savings. There is also more than £250 billion in accounts that that do not pay any interest. UK Savings Week has two key ambitions:

1.    To create 2 million new regular savers by 2030
2.    To move £50 billion from 0% accounts by 2030

About BSA

The Building Societies Association (BSA) represents all 42 building societies, as well as 7 of the larger credit unions. Building societies serve around 26 million consumers across the UK and have total assets of over £507 billion. 

Together with their subsidiaries, they are helping over 3.5 million families and individuals to buy a home with mortgages totalling over £375 billion, representing 23% of total mortgage balances outstanding in the UK. They are also helping over 23 million people build their financial resilience, holding over £370 billion of retail savings, accounting for 19% of all cash savings in the UK.  Within this, societies account for 40% of all cash ISA balances.

With all of their headquarters outside London, building societies employ around 51,500 full and part-time staff.  In addition to digital services they operate through approximately 1,300 branches, holding a 28% share of branches across the UK. 

Contact: pressoffice@bsa.org.uk