We are pleased to share with you our latest Tackling the Savings Gap research. This covers UK personal savings and debt data for the second quarter of 2015.
Tackling the Savings Gap is a barometer for the UK’s attitude towards savings, investments and debt. The data is sourced from an independent survey of over 2,000 UK adults of all age ranges, socio-economic backgrounds and from all corners of the country.
Highlights from our research
- 45% of Britons are currently saving nothing for retirement.
- On average, British savers are putting £1.72 a day into their pension pot. However, they admit to spending £56 per month on impulse purchases such as coffee and snacks, with savers aged 25 to 34 spending £76 a month.
- 33% of savers believe they won’t be able to retire for any longer than five years.
- Since the recent pension freedoms in April, there has been a 66% increase in the number of savers turning to financial advisers.
- 70% of financial advice-seeking savers are using a financial adviser, however almost 50% admit to ignoring the financial advice they are given.
- Despite the government’s attempts to address low levels of retirement saving through auto enrolment, 67% of respondents believe this is not enough and are saving additionally to boost their retirement funds.
To help combat the UK’s Savings Gap, the True Potential Centre for the Public Understanding of Finance has launched two free online personal finance courses, Managing My Money and Managing My Investments. Since launch, Managing My Money has helped over 50,000 registered learners take control of their finances.