Savings Survey Finds Successful Nest Eggs Are the Result of Goal Setting

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29th June 2011 23:11 - Financial Services

According to the new Savings Survey by NS&I, more than a third of the UK population admit to not having enough funds squirreled away to cope in a sudden emergency, and 13% have no savings at all.

The research results demonstrate how the high cost of living is making it harder for many people to save money. The current economic climate is also a reason why Britons are struggling to grow a nest egg – 25% of those surveyed said they were less likely to save over the next three months.

On average, Brits set aside 8.31% of their monthly income every month, equating to approximately £100.24. Men were founds to save more at about £115.80, compared to women at £84.84; however this difference is balanced by income levels.

Successful savers said that having goals help to motivate them, such as a deposit for a mortgage, a car or their children’s education.

NS&I savings spokesperson, Tim Mack, commented:  “It can be difficult to save and pressures on disposable income often prevent people from setting aside as much as they would like, but there are simple steps people can take to improve their savings habits.”

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