We all know we need to save for the future but reining in spending can feel like an impossible task. Investment specialists, Legal & General, take an in-depth look into Britain’s saving habits, the psychological reasons why we don’t save more and the best way to grow your money according to the experts.

• Less than 50% of Brits add to savings every month
• 1 in 5 rarely or never save
• 31% of people have £1,500 or less in savings
• 22% have over £20,000 in savings
• ¼ of people save via stocks and shares ISAs

A survey conducted of over 2,000 UK adults aged 18-64 showed that Brits are struggling to put earnings aside for rainy days, with 9% of those surveyed having less than £500 in savings. A shocking 15% have no savings at all. Savings for those in the UK reached the lowest level for 50 years in 2017 with savings as a percentage of household income falling to 4.9%, the lowest figure since records began in 1963.

Dr Kristina Vasileva, senior lecturer in Finance, University of Westminster, comments: ‘Self-control bias is the human behavioural tendency that causes us to fail to act in the pursuit of long-term goals due to lack of self-discipline. Money seems to be one area where people are displaying a huge lack of self-control.’

Following recent reports of a gender pay gap, our survey found there’s also a gender savings gap. 55% of British male adults add to their savings each month, compared with only 43% of women. And almost 1 in 4 men have more than £20,000 saved – whether in ISAs, stocks and shares, or savings accounts – compared with less than 1 in 5 women.

Savings offer many benefits such as financial security, opportunities for a better future and less stress. Experts recommend having a good understanding of inflation, current markets, what’s available, and just how we like to save and spend.

We all know we need to save for the future but reining in spending can feel like an impossible task. Investment specialists, Legal & General, take an in-depth look into Britain’s saving habits, the psychological reasons why we don’t save more and the best way to grow your money according to the experts.

• Less than 50% of Brits add to savings every month
• 1 in 5 rarely or never save
• 31% of people have £1,500 or less in savings
• 22% have over £20,000 in savings
• ¼ of people save via stocks and shares ISAs

A survey conducted of over 2,000 UK adults aged 18-64 showed that Brits are struggling to put earnings aside for rainy days, with 9% of those surveyed having less than £500 in savings. A shocking 15% have no savings at all. Savings for those in the UK reached the lowest level for 50 years in 2017 with savings as a percentage of household income falling to 4.9%, the lowest figure since records began in 1963.

Dr Kristina Vasileva, senior lecturer in Finance, University of Westminster, comments: ‘Self-control bias is the human behavioural tendency that causes us to fail to act in the pursuit of long-term goals due to lack of self-discipline. Money seems to be one area where people are displaying a huge lack of self-control.’

Following recent reports of a gender pay gap, our survey found there’s also a gender savings gap. 55% of British male adults add to their savings each month, compared with only 43% of women. And almost 1 in 4 men have more than £20,000 saved – whether in ISAs, stocks and shares, or savings accounts – compared with less than 1 in 5 women.

Savings offer many benefits such as financial security, opportunities for a better future and less stress. Experts recommend having a good understanding of inflation, current markets, what’s available, and just how we like to save and spend.