News
Brits get serious about saving at 25
The average age for Britons to start saving seriously is 25 years-old, according to new data from NS&I.
More than a fifth (22%) of the population say they didn’t start setting money aside in earnest until they were past their 30th birthday; while more than one in ten (13%) fail to seriously save until they are 40 years or older. 15% confessed that they had actually never saved at all.
The NS&I study into savings habits also explored what kick starts savings behaviour. Surprisingly, holidays and other short-term outgoings get most women (67%) in Britain saving, with planning for the future a secondary thought.
In contrast, more men (60%) think about longer-term events, such as saving for their wedding, starting a family or buying a house.
Almost a quarter (24%) wished that they had saved more in the last 18 months’ to deal with the recent economic turbulence and 32% wished they had started saving much earlier in life than they did.
