Today (18 September 2023) marks the launch of the second UK Savings Week – a week when organisations work together to shine a spotlight on the benefits of having, and actively managing your savings.
Throughout the week around 100 different organisations, including building societies, credit unions, banks, charities, consumer groups and others, will be talking about the importance of a saving pot, and encouraging people to have better savings habits, whilst providing support to those may not be in a position to save right now.
Having a little set aside for a rainy day, or to pay for a holiday, or simply to provide financial freedom to make the most of the opportunities that come along, makes sense.
But, let’s be honest, for many of us saving money, particularly in today’s environment, can be tough, and it can be daunting.
Many people could save more than they do
It’s a sad fact that 1 in 7 UK adults, that’s almost 8 million people, have no savings at all [1]. That’s 8 million people with nothing to fall back on when an unexpected bill comes along.
However, when we spoke to individuals who have no savings at all, over a third said they were confident they could afford to start saving regularly. And the majority of those who do have some savings set aside, felt able to save more each month.
Getting into the habit of regularly putting some money aside can help you to realise your dreams. Every small contribution made to a savings pot can make a difference – it all adds up to something good.
UK Savings Week Challenge
This year, UK Savings Week is on a mission to make getting a savings habit simple, easy and rewarding. We also want to ensure that our activities change behaviours beyond the seven days of the campaign!
We have therefore launched a new Savings Challenge – #takethesavingschallenge – and we’re inviting the nation to get involved by following three simple steps:
- Set a goal – we are encouraging people to review their finances and set a target amount to save each month
- Make it a habit – take if off your to do list by setting up an automated payment into a savings account
- Reward yourself – recognise your good habit by giving yourself a little reward, it doesn’t have to be complicated or expensive, but it will help you to stay motivated.
Those who sign up to #takethesavingschallenge will receive a monthly newsletter which will include exclusive content from our UK Savings Week Ambassadors, along with hints and tips to maintain your savings habit.
Meet our 2023 UK Savings Week Ambassadors
We have selected ambassadors from different walks of life to ensure we provide content that will appeal to all savers:
Max Whitlock OBE – Team GB 3x Olympic gold medallist
Benji Ebuehi – Great British Bake Off star
Tom Leonard – The drag queen gardener
Isa Welly – Wellbeing and fitness coach
Steph Parker – Shoestring adventure guru
Got savings – are you making the most of them?
UK Savings Week is about encouraging better savings habits for all levels of savers.
Our research revealed that over a third of those with some money set aside never compare their savings rate to others that are available on the market. In fact, £264 billion of savings are held in current accounts, which earn little or no interest. These people are potentially missing out on around £1,000 extra income a year, just by not having good savings habits [2].
As interest rates have increased considerably over the last year, shopping around can now make a big difference to the amount you can earn. Getting into a regular habit of reviewing your savings accounts can now be very rewarding.
Can’t afford to save right now?
We recognise that it is a very challenging time for many people, and for some it is not possible to start a savings habit right now. As part of UK Savings Week we have partnered with charities which support those who are struggling financially – you can find out more here.
What to do next
So this week is about encouraging better habits for everyone.
Whether you’re just starting your savings journey, you have savings but could perhaps save more or you could make them earn more for you, or if you’re struggling to save anything at the moment, you are in the right place to find guidance, support and tips.
[1] The research mentioned was conducted by Opinium on behalf of the Building Societies Association via two online surveys: Between 23 – 27 June 2023 with a nationally represented sample of 2,000 UK Adults & On 21 June 2023 with a nationally represented sample of 2,000 UK Adults
[2] Based on mean balance of £21,841 earning the current best-buy easy access account rate of 5.2% (Source: Moneyfacts 5 September 2023) for a year compared to no interest in a current account.
