Money saving: This group of Britons is lagging behind – how to make further savings | Personal Finance | Finance
Money saving can be a particularly difficult habit to get into the swing of, and it is often tricky to maintain. As lockdown eases, many people will be looking for ways to cut costs and save towards the future. However, data has revealed a certain age group is falling behind when it comes to saving.
A study undertaken by Equity Release Supermarkets analysed how much people had put away in savings so far at each decade of their lives.
The 40 to 49 age bracket currently has an average of £11,039.59 in savings, which is still substantial.
However, this is compared to Britons in their thirties who have managed to save, on average, £10,326.33, despite having less time to accumulate savings.
The study asked 2,000 adults about their savings habits and how much money they had managed to garner.
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He said: “Our study revealed that while those in their thirties are impressively thrifty in their approach to money and savings, adults aged 40-49 who have had more time to save are slogging along with just £11,039.
“We know first hand that many parents and grandparents would like to support their younger family members in their later life, whether that be with university fees, property, or other financial support.
“However, the research highlights that this may not be possible for several people in their 40s, 50s and 60s.
“This is where equity release could come into play as one potential solution.
“When we’ve worked so hard to put money away, it’s always good to know there are other options available.”
Thankfully, though, there are ways to rectify a savings journey and begin to put more money aside for specific goals.
The Money Advice Service states households looking to save should set up a budget or spreadsheet to track their income and expenditure.
The best time to put money aside, it says, is just after a person has been paid, so setting up a standing order could be advantageous.
Also available is a savings calculator, which can help Britons understand how long it will take to save a specific amount, or how much they need to save to have enough by a certain date.
The government backed services states people should try to save at least five percent of their income, but the more which can be saved, the better.
Finally, getting to a regular savings habit is more important than how much a person puts away, so acting as soon as possible is vital.