UK Savings Week encourages the nation to make their money work harder

New research reveals millions could boost their savings with simple steps

Research for UK Savings Week (22-28 September) exposes a worrying glimpse of the nation’s savings habits.

More than one in ten (12%) adults have no savings at all, and a similar number (14%) have less than £1,000 tucked away.

The figures show that people in Northern Ireland, who are among the most frequent savers in the UK, have almost £14,806 in savings.

While the average savings balance sits at a healthy £26,549, this is distorted by a few who have a very high level of savings. The median* savings balance is just £7,500, meaning half of all adults have less than this amount put away.

The survey found that more than a quarter (26%) of NI adults have less than £1,000 in savings while 11% have no savings at all – slightly below the UK average of 27% and 12% respectively.

On average people save £282 a month (the median* monthly savings is £175 per month), with adults aged 25-44 saving the most on a regular basis. However, where people hold their savings is raising concerns. More than one-in-four (27%) use their current account, meaning they don’t earn any interest. This is particularly common among 25-34 year olds (41%), more than double the proportion of those aged over 55 years (16%).

Jane Millar, Head of Lending & Savings at Progressive Building Society said savings habits are similar UK-wide.

“Here in Northern Ireland, we’re seeing the same picture as across the UK — too many people have little or no savings,” she said. “But the good news is some small steps can make a big difference.

“Research shows 81% of people are confident they could save at least an extra £10 a month if they wanted to, and starting small is often the best way to build a savings habit. Having even a modest safety net can take the pressure off when an unexpected bill lands, providing both security and peace of mind.

“It’s also worrying that so much cash is sitting idle in accounts paying no interest. Simply moving money from a current account to one with a competitive rate could put hundreds of pounds back in people’s pockets every year.

“UK Savings Week is the perfect time to take that first step, whether it’s setting up a regular savings plan, adding a little more each month, or making sure your money is working as hard as possible.”

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