NS&I commends British saving habits

25 July 2005
Britons are reportedly replacing fantasies of purchasing mansions, sports cars and designer clothes with a more modest approach to cash.

A survey by National Savings and Investments (NS&I), the government-backed savings and investments provider, found that most Brits would rather bank a big win and keep a low profile than spend indiscriminately.

Of those polled by NS&I, 41 per cent said they would spend a £1 million win on a new house, car and holiday, 26 per cent would split it with family and friends and 12 per cent would put it all in secure savings and investments.

Six per cent of respondents planned to invest a windfall in business, property or antiques, while just one per cent would blow it on luxury goods like flash cars or expensive jewellery.

The British reserve is also reflected in who would tell if they won £1 million, NS&I reports. The majority said they would tell their family and close friends (59 per cent), one in four (26 per cent) would only tell their partner and a further seven per cent said they would not tell anyone at all. Just nine per cent of those surveyed would throw a huge party or buy themselves something extravagant to celebrate a win.

Sally Swait, Premium Bonds manager at National Savings and Investments, commented: "This shift to security and modesty has resulted in a renaissance in risk-free savings such as Premium Bonds, which combine 100 per cent security with the sense of fun associated with winning tax-free prizes."

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