Fifth of Britons 'addicted to saving money', NS&I finds

10 September 2007
Twenty per cent of the UK savers would call themselves ‘saveaholics’ with 59% admitting they pass on holidays, social engagements and buying new clothes in order to save money.

The findings - from NS&I’s latest Quarterly Savings Survey - also revealed that 10 per cent don’t buy presents and eight per cent avoid buying a round of drinks in order to keep their savings accounts healthy.

More than a third - 35 per cent – feel anxious f they don’t manage to save as much as they planned to and almost half say they get worried about wasting money or overspending, with 42 per cent say they worry about dipping into their savings to buy something other than what they had been saving for in the first place.

"This result challenges the bleak view of Britain as a nation obsessed with spending and debt, and demonstrates there is a distinct group of British savers who are not only in the black but committed to saving every little penny, “ explains Dax Harkins, senior savings strategist at NS& I.

“This may be influenced by the increased use of the internet which not only makes saving easier but also offers many ways to cut spending. People are increasingly embracing this and are proud of their savings."

The survey also shows that women feel they are better savers than men, with 22 per cent admitting to being ‘saveaholics’ compared to 18 per cent of men, with more than half of women – 53% - worrying about overspending, whereas only 41 per cent of men are concerned about splashing out. Women also seem to treat themselves less, with 31% denying themselves a holiday or new clothes in order to save, compared to only 26% of men

The number of people who save every month has gone up from 46 per cent to 48 per cent and the average amount saved each month across the population has also increased – from £77.55 to £81.43.

"It is positive to see that over half of savers say they save a small amount on a regular basis,” continued Harkins, “even a small effort to save can be rewarding, savers should review the small steps they can take to cut back on spending to make saving sustainable."

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