Saving not important for 1 in 10

More than 1 in 10 UK adults do not see the value of saving money for the future, according to a survey by thinkmoney.

The survey revealed that though the majority of people (88 per cent) see the benefits of putting money aside, 12 per cent of people do not think it is important.

Key findings:

  • 24 per cent of respondents said they plan to save but end up spending their monthly savings
  • 13 per cent said they never put money aside, whether they want to or not
  • 83 per cent of those who do not save regularly claimed they did not have enough money to do so
  • People living in London are most likely to save, with nearly three quarters reporting they are currently saving
  • People living in Wales are least likely to put money aside, with 51 per cent saying they save regularly.

Ian Williams, spokesman for thinkmoney, said:

"It is worrying that as many as 1 in 10 people don't realise the importance of putting money aside to build up a savings pot. While there will always be some people who really can't afford to save, for most of us the decision to save is more about deciding to forgo some spending.

"Rather than thinking of saving as something we could do if we have money left over, it is key people see it as a priority, just like paying their bills, rent or mortgage."