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Savers |
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| Saving
society – with many people serious about savings,
Premium Bonds is just one way to do it. |
The
press is usually flooded with reports of overspending
on credit cards and people being frivolous with their
cash. It may come as quite a surprise, therefore, when
National Savings and Investments (NS&I), the government-backed
body that offers savings schemes and Premium Bonds, says
Britain has a secret society of saveaholics – people
who are addicted to saving money.
The Quarterly Savings Survey from NS&I found that
a fifth of Britain’s savers confess to being addicted
to saving money.
Dax Harkins, senior savings strategist at NS&I, says,
“This result challenges the bleak view of Britain
as a nation obsessed with spending and debt. It demonstrates
there is a distinct group of British savers who are not
only in the black, but committed to saving every little
penny.
“This may be influenced by the increased use of the
internet, which not only makes saving easier but also
offers many ways to cut spending. People are increasingly
embracing this and are proud of their savings.”
As far as addictions go, obsessing about saving may sound
like a good think, but it can be a cause of anxiety for
these people. Over a third of savers (35 per cent) feel
anxious if they are not able to save as much as intended
and nearly half (47 per cent) have real worries and fears
about wasting money or overspending. More than two-fifths
of savers (42 per cent) also say they worry when they
have to dip into their savings pot to fund an unplanned
purchase.
In order to maximise their savings, almost a third (29
per cent) of Britons say they have turned down holidays,
social engagements, buying new clothes or carrying out
house renovations.
 Not
surprisingly, saving does have a miserly side. When it
comes to spending on friends and family, one in 10 savers
confesses to not having bought presents in order to boost
savings, while eight per cent of savers say they hardly
ever buy a round of drinks.
Like any addiction, saving can lead to obsessive behaviour.
Over a quarter (27 per cent) of savers admit to being
obsessive about shopping around to get the best deals.
More than half (58 per cent) brag about getting a bargain,
while a more discreet 42 per cent keep quiet and let people
think they have spent more.
Other findings of the survey include a rise in the average
amount saved each month across the population, rising
from £77.55 in 2006 to £81.43 this year. The
number of people who regularly set money aside each month
has risen from 46 per cent to 48 per cent, although the
average monthly amount saved by regular savers remains
at £173.
For the first time, saving for an emergency is the most
commonly cited reason for setting money aside (42 per
cent), replacing holidays and retirement as the most
popular savings goal.
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