HSBC UK recently surveyed 2,000 UK adults to understand their saving goals and habits. The results revealed over three-quarters of respondents in the North East stick to their spending budgets. 46% of North East respondents say their number one short-term saving goal is to be financially stable. Followed by going on holiday (cited by 41% of respondents), having a buffer for rainy days (32%) and buying a new car (16%).
A high 77% (net) of North East respondents say they have good financial resilience in their ability to live within their means and 15% of North East respondents save their money immediately after being paid. However, the results showed some North East respondents are missing out on saving opportunities, as 20% of North East respondents say they don’t have an ISA because they don’t know enough about them and how they work.
UK’s top 14 savings goals revealed is as follows:
- Emergency fund (cited by 30% of respondents)
- Travel (27%)
- To support family (17%)
- Home improvements (13%)
- New car (11%)
- Big occasions e.g. Christmas, birthdays, etc (10%)
- House deposit (10%)
- Household item e.g. sofa (9%)
- Luxury item e.g. designer handbag (6%)
- Luxury items for hobbies e.g. golf clubs (6%)
- To start my own business (5%)
- To study / re-train (5%)
- Wedding (5%)
- To take a sabbatical (4%)
Commenting on the launch, HSBC UK’s Head of Everyday Banking, Pella Frost, said: “Saving money can be easier when you have a goal in mind. With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis. This is another step forward in helping our customers build great savings habits and achieve financial resilience.
“Before opening a savings account, we always recommend you review your budget so you know how much you can afford to lock away and for how long.”
For further information on saving and spending tips, please see here: https://www.hsbc.co.uk/savings/everyday-spending-hacks/