Amid a turbulent economic environment of soaring prices and steep bills, 10.9 million Brits (27%) are being kept awake at night due to a lack of a financial safety net, according to Aldermore’s Savings Tracker2.
Brits kept awake at night over dwindling savings pots
Three out of five UK adults (60%) are concerned about how factors outside of their control – e.g., the wider economy and government policy – will affect their savings. As a result, nearly half (45%) admitted that they are worried about their financial future.
Avoidance was found to be a common coping mechanism for many, as a quarter of people (27%) avoid looking at their bank balance due to anxiety over their finances.
Stealth spending could be responsible for financial concerns
Many UK adults simply unaware of how much they spend on regular services – and in turn, how much they could be saving by cancelling unused services.
Over a third (37%) of adults don’t know how much they spend on gym memberships, while 15% are unaware how much money their various TV subscriptions cost.
Meanwhile, one out of 10 are unaware how much they spend on utilities (10%) and their phone bill (9%). Many could benefit from seeing if they could save by switching to a cheaper provider.
Brits missing quick wins to help save more
Despite interest rates being at some of the highest levels seen in over 10 years, which could provide a welcome boost to savings pots, one out of 10 (9%) Brits that save don’t see any point in saving more due to ‘poor’ interest rates.
However, for many, sky-high living costs stand in the way of saving. A third (35%) of adults admit that they try to save but have nothing leftover at the end of the month.
For those that could afford to set money aside, a quarter (26%) found that by setting aside a fixed amount on a monthly basis e.g. via a standing order, they were able to save consistently.
Alex Myers Director of Savings at Aldermore, said:
“It’s understandable that many people have heightened anxiety over their finances as the cost-of-living crisis continues to squeeze finances. While we can’t control the wider economic environment, there are ways in which you can take back control of your own finances. Simple steps such as reviewing your outgoings and seeing how much you’re spending on bills and services – and where you might be able to switch to cheaper providers or cancel unused subscriptions – will make a noticeable difference.”
**Ends**
Notes to editors
1On a nat rep survey of 3000 UK adults, 617 are worrying about their lack of savings which keeps them awake at night. 617 / 3000 * 53188000 (UK adult population) = 10938999 (shorthand 10.9 million)
2Research conducted, on behalf of Aldermore bank, by Opinium between 22nd December – 4th January among a nationally representative sample of 3,000 UK adults.
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