Brits eager to spend money on themselves but not on charities, says fool.co.uk

07 September 2007
Charity begins at home and stays at home for most Brits, who have personal plans for their hard-earned cash which do not allow for giving money or time to charities, according to research from finance tips and comparison website Fool.co.uk.

Despite recent global efforts to enhance charitable needs and awareness, of those surveyed in Fool.co.uk’s Your Tomorrow Starts Today campaign on what hoarders plan to spend their savings on, just six per cent said they intend to donate something to a good cause in the future.

A tenth of all respondents said they just want a quiet life once they have reached their financial goals and a third want to travel the world once they’ve accumulated a significant cash pile. For 94 per cent of savers, charity remains firmly at home.

The overriding aims amongst those surveyed are to enrich their own lives, either by travelling or using their nest egg to live more comfortably or buy a new home. A quarter intend to devote more time to their hobbies and interests.

David Kuo, Head of Personal Finance at Fool.co.uk, says: “It seems that many of us believe that charity begins at home even after we achieve our financial goals. This is not entirely unreasonable given that attaining financial objectives is never easy, especially if we set tough targets for ourselves. Consequently, there is nothing wrong with rewarding ourselves generously after we reach our financial targets.

“But the road to complete financial independence is not about setting a single set of objectives, it’s about constantly setting and reviewing new goals for ourselves. If you budget correctly, you will not only be able to see the world, but see the world saved too.”

There are a number of measures that Fool.co.uk suggests people take in order to give something back without losing out themselves, such as volunteering whilst on their round-the-world trips, participating in Gift Aid which gives tax relief on charitable giving, donating your time to charitable causes, and getting a charity credit card which donates money to charity with each spend but won’t cost the consumer a penny if it is paid off each month.

To make them most of your savings and give something back, compare savings accounts and search for compare credit cards