Latest results from the Saving Britain research
22 October 2010
The latest quarterly Saving Britain research carried out by BM Savings’ shows Brits are increasingly raiding their saving pots, with over a third (36%) confessing to raiding their savings during the three months to October 2010. This quarter, over a fifth (21%) of Brits confessed to dipping into their savings for a holiday or weekend break.
The average raiding amount has increased to £2,130 from £1,870, just short of the all time raiding high in July 2009 of £2,191. In the three months to October 2010, Britons saved an average of £848, compared with £764 during the last quarter.
Commenting on the latest findings, John Bianco, Head of Birmingham Midshires Savings Products said:
"The increase in raiding in the last quarter was mainly down to Brits heading off to sunny shores which is hardly surprising during the summer months. This shows that savers are planning ahead to pay for their summer fun. It is also encouraging to see people are putting more away in their savings pot compared to last quarter."
Regional Raiders:
- Those over 55 top the raiding chart, withdrawing £1,079 in the last quarter. A fifth (21%) of over 55s admit to raiding for emergency home or car repairs.
- Emergency home or car repairs (22%) and paying for a holiday (21%) remain the top raiding reasons with 29% of those in the East raiding to pay for a holiday, and 28% of Northerners raiding for emergency home and car repairs.
- Over two fifths (40%) of savers in the Midlands admit to raiding their savings pots however Northerners raided their pot the most by an average of £2,576 in the last quarter.
Summer Savings:
- Scottish savers have increased their savings pot to £1,381 compared to £833 in previous quarter, with 21% saving for a holiday.
- Saving pots in the Midlands are the leanest with £615 being saved compared to £784 in the last quarter.
- Surprisingly, a quarter (24%) of savers in Wales do not know how much money they have saved in the last three months, suggesting they do not keep a track of their spending and savings habits.
Reasons for saving
Reason for savings |
% of population (in three months to October 2010) |
% of population (in three months to July 2010) |
% change |
Deposit for a house |
10 |
10 |
0 |
Wedding |
4 |
5 |
-1 |
Car |
10 |
8 |
+2 |
Other |
- |
12 |
- |
A holiday |
23 |
26 |
-3 |
A new outfit |
1 |
1 |
0 |
A party |
1 |
1 |
0 |
Television |
3 |
2 |
+1 |
New baby |
3 |
2 |
-1 |
Children's education |
4 |
4 |
0 |
Rainy day |
24 |
25 |
-1 |
Retirement |
12 |
16 |
-4 |
Holiday home |
1 |
1 |
0 |
Christmas |
12 |
6 |
+6 |
Amount Britons saved each quarter over the last two years
Amount Britons saved each quarter over the last two years
|
Oct-08 |
Jan-09 |
Apr-09 |
Jul-09 |
Oct-09 |
Jan-10 |
Apr-10 |
Jul-10 |
Oct - 10 |
* Data not available |
Amount saved in the last three months (average of all British adults) |
£339 |
£329 |
£597 |
£849 |
- |
£776 |
£1,031 |
£764 |
£848 |
Reasons for raiding savings
Reason for raiding savings |
% of population (in three months to October 2010) |
% of population (in three months to July 2010) |
% change |
Impulse gifts or luxury shopping |
6 |
5 |
+1 |
Holiday or weekend break |
21 |
19 |
+2 |
Unexpected bills (council tax/ insurance premiums/ TV license) |
9 |
8 |
+1 |
Entertainment (e.g. dining out) |
4 |
7 |
-3 |
Overspending on current account |
11 |
15 |
-4 |
Unexpected utility bills |
9 |
10 |
-2 |
Higher than expected credit card bill |
11 |
9 |
+2 |
Emergency home or car repairs |
22 |
25 |
-3 |
Lent money to friends or family |
12 |
12 |
0 |
Loss of job or income |
8 |
7 |
+1 |
Amount raided from Britons' savings accounts each quarter over the last two years
Amount raided from savings in the last three months (average of all British adults)
|
Oct-08 |
Jan-09 |
April-09 |
July-09 |
Oct-09* |
Jan-10 |
Apr-10 |
Jul-10 |
Oct-10 |
* Data not available |
Amount raided from savings in the last three months (average of all British adults) |
£343 |
£302 |
£367 |
£2191 |
- |
£1724 |
£1,499 |
£1,870 |
£2130 |
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