UK Savings Week begins
One fifth of people in Wales have less than £100 in their savings, according to research conducted on behalf of the Building Societies Association.
20% of people in Wales have less than £100 in emergency funds with 14% having no savings at all.
Research was conducted by Opium in association with the Building Societies Association last year and also revealed that 48% of UK adults are still saving less than they did before the cost of living crisis.
And those who do save might not be making the most of their money. There is around £250 billion sitting in accounts earning no interest and 24% of adults in Wales never compare the interest rate on their savings accounts to others available.
This week, 9-15th September is UK Savings Week, aiming to change the way people save and foster better savings habits.
Andrew Gall, Head of Savings and Economics at the Building Societies Association commented:
"Having money in a savings pot not only makes us more resilient when things go wrong, it also improves our overall wellbeing, helping us to feel more optimistic and improving our ability to relax and sleep better. Building our savings with a good regular savings habit can also help us to achieve more of our dreams.
"Around half of UK adults already have a regular savings habit, but what matters is finding a pattern that works for you. The motto for UK Savings Week is ‘Savings, they’re what you make of them’, so whatever level of saver you are, saving a little if you can, when you can, will make a difference to your life."
Monmouthshire Building Society will be supporting UK Savings Week, sharing tips for getting the most out of your savings.
Society members can also pop into their local branch during the week to find out more about the Society’s Budget Buddy, a tool which helps you review how much money is coming in and how much expenditure you have.
Find out more about UK Savings Week, its partners and supporters here.
