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AFTER BILLS ARE PAID THE AVERAGE UK HOUSEHOLD HAS A £6,000 SAVINGS OPPORTUNITY

saving money

• CEBR RESEARCH SUGGESTS HOUSEHOLDS SHOULD BE ABLE TO SAVE £5,950 ON AVERAGE PER YEAR

• OVER A THIRD OF UK ADULTS ARE UNABLE TO SAVE AS MUCH MONEY AS THEY WOULD LIKE

• COMBINATION OF INFLATION, WAGE GROWTH AND STAGNANT INCOMES BEHIND UK’S SAVING STRUGGLE

 

• Households in the South East also spend the most on leisure, clothing, footwear and homeware, and food, at £86, £83 and £63 respectively due to prices being higher than the national average, contributing to higher spending amounts.

• People in the region spend the most on commuting, at £98 per week on average, due to the proximity to London and the opportunity to travel into the capital for work.

• Four in 10 (41%) people in the South East say the cost of living (including bills, transport and rent etc.) means they can’t afford to save more money.

 

 

New research released today by Post Office Money1 finds that almost two in five (37%) UK adults are unable to save as much money as they would like to. Despite this, the research conducted by CEBR2 suggests the average household should be able to save up to £5,950, expected to increase to £6,170 by 2021.

 

UK savings have taken a hit in recent years, falling from £86 billion in 2016 to £47 billion in 2018. This is due to inflation averaging at 2.6%3 and annual wage growth averaging at 2.3%, meaning that goods and services have become more expensive. Meanwhile, incomes have not increased at the same rate, leaving many households with less money available to save. 

 

Despite a potential savings opportunity of nearly £6,000 for households, research from the Money Charity recently found that the overall number of households with no savings has risen to almost 10 million, with a further 3.26 million households only having savings under £1,5004. 

 

SPEND SAVVY, SAVE SMART

The average UK household spends £395 per week across housing; transport; leisure; clothing, footwear and homeware; food and household energy5. The two biggest outgoings for households are housing (£98 per week) and transport (£80 per week). 

 

Clothing, footwear and homeware is the category with the biggest gap in how people spend, with frugal households spending 93% less than they average. This demonstrates that clothing, footwear and homeware can be a key area to economise your household budget; particularly, through smart shopping and DIY hacks.

 

SAVE MORE SQUAD TOP TIPS

As part of the Spend Well, Save More campaign, a panel of saving experts with different specialist areas will provide helpful advice, tips and tricks to encourage people to spend in a conscious way, along with some of the UK public’s favourite methods of cost-cutting such as:

 

• Switching to supermarket own brands (34%), making lists to avoid overspending (28%) and purchasing from the discount aisle (26%).

• Booking holidays out of season (20%), picking destinations based on price deals (18%).

• Reducing household electric and gas use (39%) and cancelling certain entertainment packages (12%).

• Using coupons and discount vouchers (34%), purchasing less clothing (30%) and buying items from discount stores (25%).

• Looking for a more competitive insurance deal (21%) and changing savings or current accounts for a better rate (12%).

 

We're joined on this podcast by Iona Bain from 'Young Money and the Save More Squad' and Ross Hunter- Spokesperson at Post Office money.

 

Let's Talk: After bills are paid, the average UK household has a £6,000 savings opportunity!

New research released today by Post Office Money1 finds that almost two in five (37%) UK adults are unable to save as much money as they would like to. Despite this, the research conducted by CEBR2 suggests the average household should be able to save up to £5,950, expected to increase to £6,170 by 2021.