December 27th, 2022, Kineree Shah
More than half of Britons consider themselves financially secure (56%), but that may not be reflected in their savings accounts. One in 10 consumers do not have any savings while an equal percentage say they have less than £100 in their account (11% each). However, 14% of Britons say they have between £10,000 and £50,0000 in savings.
Around one in six (16%) of British men have between £10,000 and £50,000 in their savings account in comparison to only 12% women. It seems that age is no predictor of savings, however. Nearly a tenth of all age-groups have no savings, but those aged between, 18-24 and 40-54 are marginally more likely to say this is the case. About a fifth of 18-24-year-old adults say they have between £1,000 and £5,000 in savings (19%). Britons aged 55+ are more likely to have more than £10,000 in their savings account (16%).
Digging further into the sentiments of those who have less than £100 or no savings, members of this segment are more likely than the general public to say they don’t see the point of savings account (24% vs 19%). They are also more likely than the general population to make impulsive purchases (45% vs 38%) and say financial matters confuse them (45% vs 36%).
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Methodology
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for GB is nationally representative of the online population and weighted by age, gender, education, region, and race. Learn more about Profiles.