Savings levels fall in 2018

Adults in the UK are earning more but saving slightly less this year than in 2017, research has shown.

Aldermore surveyed 4,009 people and found that despite an increased average salary in the UK, savings levels have dropped from 8% in 2017 to 7% in 2018.

Almost a third (32%) of respondents had not saved any money at all over the past 12 months.

Even among those who are still saving as much as they can, 53% still don't feel they are putting enough money away.

This is a particular concern among those close to retirement, with 39% of 45 to 64-year-olds feeling they are not saving enough.

Ewan Edwards, head of savings at Aldermore, said:

"For many, the importance of saving is understood but even though people are putting some money away, there is a sense they are not saving enough.

"Even saving little and often can go some way to provide protection for the future and the earlier people start saving, the more chance they have of reaching their savings goals in later life."

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The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.

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