Nathan Wade, Head of Membership at Suffolk Building Society, explains that it’s much easier to stay motivated to save when you have a clear idea of what you’re saving for.
For UK Savings Week this year, we asked our own members about what goals they had in mind when saving.
Some of the stories were heart-warming, others were downright hilarious!
Travel topped the list of savings goals. A whopping 82% said they were saving for holidays and travel, while 73% were putting money aside for home improvements. One in five had saved for fashion purchases, and one in ten set aside funds for beauty treatments.*
Many were also saving for the benefit of others: paying for university fees, helping with house deposits for children and grandchildren, and even covering rent or care home costs for relatives were common drivers. In true Suffolk spirit, local savers also gave generously to charity, with donations to hospices and churches featuring in their financial plans.
Long-term savings goals were popular too. In fact, 13% of residents had been saving for more than 20 years, with many others saving for between one to five years to reach their objectives.
Some of the pricier items people saved for included cars, holidays, and their retirement plans.
Interestingly, Suffolk locals weren’t shy about quirky savings goals. One resident saved up for a chicken coop, affectionately dubbed “Cluckingham Palace”. Another dedicated their savings to securing a Colchester United FC season ticket, despite the highs and lows of being a devoted football fan!
It was really interesting to see the sorts of things people were proud of saving for, beyond the usual ‘rainy day fund’. A number reminisced about the toys they’d saved hard for with their pocket money. The results of our survey underlined the importance of keeping a goal in mind … no matter how weird or wonderful!
* Survey of 193 Suffolk Building Society members, August 2024.
