Savers are encouraged to get into good habits

Published on 21 August 2014 by Raffick Marday

New research has shown that the majority of individuals with a consistent savings habit stick to their regular payments, which is particularly helpful in the current climate.

First Direct have released data which suggests that savers who have set up a Direct Debit or regular standing order will be one step ahead when it comes to their finances.

The research revealed that one quarter (25%) of UK adults are enrolled in a regular and automatic savings habit which will benefit them significantly through strong returns.

According to First Direct Regular Saver Account data, on average, £99 is placed in savings each month. Of those with a savings habit, just 6% choose to cancel their savings payment within the first year.

28% of men have a monthly savings transfer, while a fewer 23% of women have signed up to a savings direct debt.

The research shows that not only are men more inclined to save but they also put greater amounts away with an average of £130 a month, in comparison to £89 put away by women.

Those aged between 31 and 40 are more likely to have a standing order or direct debit in comparison to those aged 21-30 or 51-60.

Bruno Genovese, Head of Savings at First Direct commented:

“With numerous pressures on our household finances and a lot of payments to juggle and keep on top of, it can be difficult to remember to set aside the money to save, which is why a regular, automated savings habit can be the best habit to get into for those who are able.

“In particular, regular saver accounts with fixed terms and rates are perfect for medium term savers that have a special event or a holiday on the horizon and are able to lock their money away.”

If you want to kick start a savings bank account, it is best you research the different options available to you to ensure you get an account that offers you the best returns in interest.

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