A report from UK Savings Week shows that having a savings habit improves wellbeing.
Savers on the lowest incomes were found to benefit the most from regularly putting money aside, with 53% of this group reporting that they are satisfied with their life. However, only 40% of low-income non-savers could say the same1.
Interestingly, low-income savers had similar satisfaction levels to those on much higher incomes who were not regularly saving. This highlights that, no matter how much money you are saving, it is an important action which boosts wellbeing – it helps savers to feel positive about the future and feel financially protected against unexpected events.
Andrew Gall, Head of Savings at the Building Societies Association, commented, “The UK Savings Week campaign encourages organisations to promote the benefits of having and actively managing savings. Its overarching aim is to help individuals build their financial resilience and make their savings work as hard as possible for them.”
1UK Savings Week, 2024
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
