Saving is higher priority for single savers than couples Go compare with our comparison table

Saving is higher priority for single savers than couples

12 October 2010 / by Rachael Stiles

Single people aspire to save more than married and cohabiting couples, according to research from NS&I.

The latest NS&I Savings Survey shows that single people aspire to save 18.07 per cent of their income each month, compared to 14.71 per cent for couples that are married or living together.

These figures dispel the myth that couples save more than their single counterparts, says NS&I, as over the past five years singletons have consistently saved a larger proportion of their income than married or cohabiters.

According to research, 55 per cent of people believe those in couples to be better at saving, because they perceive them as having more loan term goals, such as buying a home, or having a baby, whereas 28 per cent of people said single people make better savers.

In this quarter, single people saved 8.68 per cent of their income, compared to 6.92 per cent for others, and NS&I has concluded that this is largely due to single people setting themselves short-term savings goals and accomplishing them.

Among single people, 31 per cent use targets to help them manage their money, compared to 23 per cent of married or cohabiting couples. More than two thirds of singletons said they are motivated savers because they know they do not have anyone else to rely on if they hit financial difficulty.

For the first time since the winter of 2007/8, the number of people who are making regular contributions to their savings has increased to more than half the population, as 52 per cent.

Tim Mack, savings spokesman for NS&I, explains: "It's great to see that single people are saving a larger percentage of their income by setting themselves specific savings goals." 

© Fair Investment Company Ltd

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