Savvy Savers Revealed

According to Lloyds Bank, almost one in ten people have been able to save over £1, 000 in the last month.

That doubles to nearly one in five banking £500 or more.

The Lloyds Bank Savings Report also shows that people are feeling confident about their savings, with over two thirds of people surveyed having saved over the past 12 months. 
 
Men are seen to be better savers than women, with 21% of men saving more than £500 last month, compared to 14% of women. When considering the main reason to save, men are significantly more likely than women to save to fund their retirement, with 15% of men saving compared to 9% of women.
 
However, women are more cautious when it comes to their savings, with 30% saying that they save for a rainy day, compared to 26% of men. Amongst those who are saving up for something in the short term, men (18%) are more likely than women (11%) to be saving up for entertainment goods, such as TV, computer, tablet or console.
 
The top reasons people are saving include putting money aside for financial security (60%), nearing half (44%) save out of habit, with a similar proportion saving towards a short term goal, such as a holiday or new car (43%).
 
Philip Robinson, Savings Director for Lloyds Bank said: “We are seeing a shift in confidence when it comes to people’s ability to save.

“For people who may not be as confident with their current savings habits, it’s important to try and save a small and regular amount each month. This can help to build a strong savings pot over time, which can be increased as circumstances improve.”