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British save with no specific goal

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Confused.com has revealed that as a nation Brits are saving for a rainy day rather than towards any particular goal according to new research conducted by the comparison site.

Confused.com found that of the 80% of Brit’s who save each month, nearly a quarter (24%) don’t have a specific focus, whilst one fifth (22%) are saving for the long term and retirement and another 20% are saving for a deposit on a home. One percent admitted they’re saving to leave their partner.

Demographically, there are some other interesting findings. More men (8%) are saving for a new car than women (6%), with more people saving for a car in Wales (14%) than any other region. House deposits are the top savings goals in London (26%) and the South West (29%), and for 18-24 year olds in the UK.

The North East has more savings being earmarked for weddings than any other region (8%) and in Northern Ireland the focus is on the long term, with one in three (33%) saving for retirement, with 42% of 45-54 year olds in the UK saying retirement is their main goal.

By age, those aged 35-44 are saving to leave their partner (2%) more than any other generation and by region, more people in London are saving to leave their partner (2%) and for plastic surgery (2%) than any other region.

Chris Griffiths, head of savings at Confused.com, said: “When you’re struggling to get into a savings habit having a clear goal can make things easier. It’s a good idea to earmark some of your savings for short to medium term goals and some for the long term. Rewarding yourself with a small treat when you reach a certain goal can make it feel much more worthwhile, and some new clothes, a weekend away or a new gadget will feel much valued when you’ve saved hard to get them instead of putting them on the plastic.”

Source : Confused.com Press Release