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Media centre /
Press releaseDISCOVERED: THE BRITS ADDICTED TO SAVING07 September 2007
A fifth of Britain’s savers (20%) confess to being ‘saveaholics’, literally addicted to saving money, according to the latest NS&I Quarterly Savings Survey published today. Also, over a third of people (35%) feel anxious if they don’t save as much as intended. Savings anxietyAnd feeling that money that could have been saved has been frittered away is also making the British population worried, nearly half (47%) of Brits say they worry if they waste money or overspend, and more than two fifths (42%) of Brits say they worry if they dip into their savings pot to fund an unplanned purchase when they had been saving for something else. Dax Harkins, senior savings strategist at NS&I, said: “This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny. This may be influenced by the increased use of the internet which not only makes saving easier but also offers many ways to cut spending. People are increasingly embracing this and are proud of their savings.” “It is positive to see that over half of savers say they save a small amount on a regular basis. Even a small effort to save can be rewarding, savers should review the small steps they can take to cut back on spending to make saving sustainable.” Making cut-backsIn order to maximise their saving, almost a third (29%) of Britons say they have turned down holidays, social engagements, buying new clothes and carrying out house renovations. When it comes to spending on friends and family one in ten savers (10%) confess they have not bought presents in order to boost their saving, while 8% of savers say they they’ve not bought a round of drinks. Bargain-hunter BritsIn addition, over a quarter (27%) of British people admit to being obsessive about shopping around to get the best deals. Perhaps unsurprisingly, almost all savers (97%) feel satisfied when they get a bargain. The NS&I summer 2007 Quarterly Savings Survey reveals that more than half of Britons (58%) brag about getting a bargain, while a more discreet 42% of Britons keep quiet and let people think that they have spent more. Perhaps a sign of the disposable fashion era, just over seven out of ten (71%) 16-24 year olds say they are most likely to brag about the fact that they have got a bargain, more than nine in ten (94%) 16-24 year old savers say they gain satisfaction from purchasing quality clothes from the cheaper high street stores. The majority of 65+s (61%) however say they would keep quiet and let people think that they spent more. Men vs. WomenMore than a fifth (22%) of female savers confess to being a ‘saveaholic’, compared to less than a fifth (18%) of men. When women don’t manage to save they worry more, just over two fifths (41%) say they worry if they have not managed to save when they had intended to. Over half of women say they worry if they overspend (53%, compared to 41% of men), while over two fifths (45%) worry if they have dipped into their savings pot to pay for something unplanned (the male equivalent is 39%). Women are harder on themselves than men, nearly a third of women (31%) deny themselves holidays, social engagements and buying new clothes, compared to a just over a quarter (26%) of men. Almost all women savers (98%) admit gaining pleasure from ‘bagging a bargain’ and almost nine in ten (89%) from using money-off vouchers. Men are more restrained however, 95% enjoy getting a bargain while just 79% obtain satisfaction from using money-off vouchers. Women are also much more vocal in their pleasure with nearly two thirds (63%) of women bragging about their finds (compared to just over half - 52% - of men). Despite this women remain generous to family and friends, just under one in 10 (8%) women say that in order to save money they have refrained from spending on friends and family, compared to over one in 10 (13%) men. Savings levels creep upThe NS&I summer 2007 Quarterly Savings Survey also reveals that all of the savings indicators have increased in value from the levels recorded the previous quarter, spring 2007. During this time:
This summer is the first time that there has been an increase in value across all of the savings measurements since autumn 2005. For the first time this quarter ‘saving for an emergency’ is the most commonly cited reason for setting money aside (42%), replacing holidays and retirement as the most popular savings goal. ENDS
Notes to editors About NS&INS&I is one of the UK’s largest financial providers with 27 million customers and £81 billion invested. It is best known for Premium Bonds, but also offers Savings Certificates, Direct ISA, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because they are backed by HM Treasury. NS&I is also sole event sponsor of BBC Proms in the Park, held at five sites across Britain on 8 September 2007. Quarterly Savings SurveyFor a PDF of NS&I’s Quarterly Savings Survey or further information on the statistics supplied in this release please contact the NS&I media team, further information and previous copies of the survey from are available from here. A regional trend breakdown is also available. The survey of peoples’ savings habits was carried out by TNS Phonebus among 2,022 GB adults aged 16+ between 27 July and 5 August 2007. The full Savings Survey research was carried out by TNS among 3035 GB adults aged 16+ between 1 June and 5 August 2007. Dax Harkins is available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by e-mail.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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