“Saving isn’t just about money. It’s about wellbeing, independence, and confidence in the future.” – Vicky Wales, Chief Savings Officer
One of my earliest memories of saving as a child is when my grandparents would give me £1 notes, for holidays, birthdays and celebrations. I would slot them into my trusty money box which had a pride of place in my bedroom. I carried on saving in this way, until I had enough for my first purchase- a Kylie Minogue album.
That early lesson about patience, excitement, and reward has stayed with me, just as much as the lyrics to my favourite songs on the album.
Saving is part of who I am, and as Chief Savings Officer at Principality Building Society, it’s a privilege to help others build that same sense of resilience and possibility.
But for many, saving today feels harder than ever. Families are juggling bills, mortgage repayments, childcare, and everyday essentials.
Yet saving is about more than money. It’s about security, confidence, and a brighter future. This is why UK Savings Week matters.
Why We Struggle to Save
Principality’s research revealed an “emotional economy” around saving. For many, the very word “savings” sparks feelings of guilt, fear, or even boredom. Younger households worry about missing out on life’s pleasures if they put money aside. Older families often feel left behind.
And yet, the numbers tell their own story:
- 1 in 6 UK adults – around 8.4 million people – have no savings at all.
- £1.3 trillion of UK savings sits in low-interest accounts.
- Nearly half of savers don’t know what interest rate they’re getting.
This shows that while many people are saving, they may not see themselves as savers, and their money often isn’t working hard enough. The good news? Any savings is good savings.
The Wellbeing Link
One of the strongest insights from our research is the connection between saving and wellbeing. When people save, no matter what amount, they feel more secure and in control. It’s less about the pounds and pence, and more about confidence and stability.
This makes saving not just a financial habit, but a life habit. Having a cushion can mean fewer sleepless nights, less stress in emergencies, and a stronger sense of control over the future.
Changing the story of saving
Too often, people believe saving is “not for me.” But saving doesn’t have to be elaborate – it just needs to be personal.
Framing savings around everyday life makes a difference:
A 6-month regular saver for Christmas expenses.
A short-term goal for a family holiday.
A flexible account that allows a cushion for emergencies.
These goals are real, meaningful, and achievable.
Our Ambition
At Principality, we want to help one million people to be saving regularly by 2030.
For me, saving has come full circle – from small £1 notes in my childhood moneybox to helping everybody find their own ways to save today.
Because saving is not just about the money you put away. It’s about the life you build, the confidence you carry, and the reassurance that comes with being prepared for whatever tomorrow brings.
