Research shows 34% of UK adults are not saving for the future

Teachers Assurance is encouraging people to start planning for their future following findings from their latest research. The survey released today by the provider of savings, investments and insurance shows just over a third of people are not saving for their future. The study was carried out by independent research specialist Opinion Matters and questioned more than 2,000 UK adults.

Abby Bowman from Teachers Assurance comments: “The great news is that the majority of respondents are preparing for their future, with nearly half (49%) of those surveyed saving between £1 and £200 each month. A worryingly large proportion of UK adults however, admitted to having no savings at all, creating worries for the financial futures of themselves and their families. Interestingly, according to the results, those aged 33-44 are the most likely to bury their heads in the sand when it comes to saving, with 40% having no savings to fall back on for the future.  

“Encouragingly, the most popular item saved for was an emergency fund, with 55% of respondents having a lump sum saved for a rainy day. 17% were saving for a holiday of a lifetime, 16% for a new car and 13% for a new home. Commonly, people don’t save because they perceive they can’t afford it. However, our survey found some had a lax attitude to money with young people in particular seeming not to value money and not investing in their future. 20% of 16-24 year olds admitted to throwing away loose change and 30% confessed that, if they had £5 left in their wallet, they would spend it rather than save it.

“Whatever you want from the future, if you put a little away a month now, you can soon build up a healthy sum for the future. And, maybe it is a case of looking after those pennies, setting a small, regular sum aside now and maybe this will build up to that lifetime trip to New York, a new car or a pot for important emergencies,” Abby concludes.

Other findings from the research included:

-  51% want to lock their savings away for between 1 and 5 years and 7% want to lock their savings away for longer

-  Men were more likely to look after the savings and investments in their households than women

-   Men were more likely to save than women

Teachers Assurance offers a range of savings, investments and insurance for individuals and their families across the UK. To find out more about Teachers Assurance visit teachersassurance.co.uk or call 0800 056 0563. Alternatively, follow the company on Twitter, Facebook or LinkedIn; simply search for Teachers Assurance.

For further information:

Laura Bentham, PR, Digital Marketing and Campaigns Team Leader

01202 435 112

lbentham@teachersassurance.co.uk

teachersassurance.co.uk/press

Teachers Assurance is a trading name of Teachers Provident Society Limited (TPS), an incorporated friendly society No. 372F.  Authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority, entered on the Financial Services register no. 110009.  Registered in England and Wales.  Registered Office: Tringham House, Deansleigh Road, Bournemouth, BH7 7DT. 2090214.

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About Us

Understanding our customers’ financial needs is our business. When life is too busy and stressful to look beyond the here and now, Teachers Assurance helps customers to think ahead to what they could make from their money. It is our aim to help our customers think ahead, make plans and start saving regularly now for a brighter financial future. By listening to our customers and responding to their needs, we have created a range of tailor made savings, investments and insurance plans for individuals and their families.

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Quick facts

34% of UK adults were not saving anything for the future (rising to 40% among 33-44 year olds)
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49% of adults were saving between £1 and £200 per month
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49% of adults were saving between £1 and £200 per month
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30% of 16-24 year olds confessed that, if they had £5 left in their wallet, they would spend it rather than save it
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55% of those saving were doing so in order to have an ‘emergency fund’, 17% were saving for a holiday of a lifetime, 16% were saving for a new car and 13% for a new home
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Quotes

The great news is that the majority of respondents are preparing for their future, with nearly half (49%) of those surveyed saving between £1 and £200 each month
Abby Bowman, Head of Brand, Digital and Direct Marketing
A worryingly large proportion of UK adults however, admitted to having no savings at all, creating worries for the financial futures of themselves and their families
Abby Bowman, Head of Brand, Digital and Direct Marketing
Encouragingly, the most popular item saved for was an emergency fund, with 55% of respondents having a lump sum saved for a rainy day
Abby Bowman, Head of Brand, Digital and Direct Marketing