The research has revealed that the people who save are more likely to dip into their savings for a treat than for unforeseen necessities, where only 56% of people turn to their reserves. The research also revealed that key reasons for saving were to provide peace of mind and to save for the future or for retirement.
The research showed that nearly two thirds of 45 to 54 year olds who save do so for their future, showing this is the watershed age for thinking about how much money might be needed to retire on. Half of 18 to 24 year olds who save are doing so for something special such as a holiday or car, and 28% of 18 to 34 year olds who save are squirreling their money away to buy a house.
Kevin Mountford, head of savings at moneysupermarket.com, said: It’s interesting to see many savers full of good intentions can’t resist a sneaky dip into their cash to treat themselves, and that treats take priority over necessities that can’t be planned for, such as a car repair or a washing machine to replace the one that’s just packed up.
