Supporting UK Savings Week 2023
UK Savings Week is an annual campaign run by the Building Societies Association (BSA). It aims to raise awareness of the importance and benefits of saving, and to encourage people to foster better saving habits. This year’s campaign runs from 18 to 24 September 2023.
The BSA acts as a voice for all building societies across the UK, providing support and guidance to its members. Suffolk Building Society is a proud member of the BSA.
The cost of living crisis has undoubtedly increased pressure on household finances. However, trying to save just a little amount each month is a great habit to develop. As a Society, we’re passionate about helping our members save for their rainy day moments, whether that’s needing a new car tyre, emergency dental work, or paying a vet’s bill.
Having a small emergency savings pot to pay for life’s surprises can help minimise stress and help you protect yourself financially.
How savvy are savers in the East of England?
Research by the BSA found that out of the 89% of adults who do save, nearly a third hold most of their savings in a current account. Savings accounts are designed to help you save more, offering competitive interest rates to reward you for the money you have saved. Savers who leave their funds in a current account often miss out on these higher rates.
Out of those who do put money aside in a savings account, over a quarter never compare the rate on their savings accounts to others available in the market. These savers are potentially missing out on over £1,000* in interest payments.
We’ve compared these figures to the national averages, which has shown that savers in the east tend to be more likely to review their savings regularly, making them slightly savvier than other regions of the UK. However, there is still much room for improvement.
How do people in the east save?
A considerable proportion of people in the East of England do not have any savings at all (11%), however, nationally 15% of people are without any savings pot at all.
Of those who do save, 34% say that they put money aside whenever they are able to, and 43% save whatever they can afford at the end of the month. Despite this, many savers are confident that they could save additional funds every month:
- 76% believe they could save an extra £10 a month (£120 a year)
- 44% feel confident they could save an extra £50 a month (£600 a year)
- 30% believe they could save £100 more a month (£1,200 a year)
Forming new savings habits
There are a range of different savings accounts available to suit a variety of circumstances. Every small contribution made to a savings pot can go a long way, but it can be difficult to start. Life can get in the way, and savings often slip down the priority list.
The key to maintaining a good savings routine is to form a habit. This year, UK Savings Week is launching a savings challenge and inviting the nation to get involved by following three simple steps:
- Set a goal – encouraging people to review their finances and set a target amount to save each month
- Make it a habit – take it off your to do list by setting up a monthly payment into a savings account
- Reward yourself – rewards don’t need to be complicated, but they are crucial in helping to stay motivated. UK Savings Week ambassadors include British Olympic gymnast Max Whitlock, and Great British Bake Off Star, Benjamina Ebuehi, among others. These ambassadors will provide exclusive content for those who sign up to take the challenge, delivered straight to their inbox every month for 12 months, helping them make saving a happy habit.
The Society is fully supportive of the BSA’s efforts to shine a light on these savings issues and encourage people to save what they can. Whether you’re into sports, cooking, or gardening, there is an ambassador for everyone, so get signed up for the challenge to receive some great content.
If you have any questions about savings or would like to enquire about opening a savings account, please contact us today on 0330 123 0723, use our Savings Account Finder, or visit one of our branches.
*Based on the mean balance of £21,841 earning the current best-buy easy access account rate of 5.2% (Source for account rates: Moneyfacts 21 July 2023) for a year compared to no interest in a current account. Source for mean balance: Opinium survey of 2,000 UK adults).
