New research by Gatehouse Bank shows a promising shift towards a saving mindset in a period where 33% of UK adults have less than £1,000 saved up.
Gatehouse Bank has this week released its latest report examining UK adults’ attitudes to money, and assessing the key factors that influence them. The research shows that, as economic uncertainty grows, one in ten adults have shifted their mindset to adopt a greater focus on saving.
Crucially, the report finds that 33% of UK adults aged between 18 and 60 have less than £1,000 in savings. Yet as market insecurity continues to prevail, 59% of respondents aim to save more on a monthly basis and 44% view saving as an essential outgoing of equivalent importance to their home finance or rent payments.
Ravi Kumar, senior product manager at Gatehouse Bank, comments: “In the current high-rate environment, it’s important to continue setting savings goals and putting away some money every month. Even a small amount will ultimately add up and doing so is also important for creating a healthy savings habit.”