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Almost 40% still aren’t saving money each month, says Lloyds

Wednesday 6th August 2014

Almost two in five people (38%) can’t save every month due to a lack of spare money, according to the latest Lloyds Bank Savings Index.
 
A further 24% of those surveyed will either save less or stop saving altogether over the next year, the research found.
 
When it comes to amount saved, 34% of respondents indicated that they have less than the equivalent of one month’s income put away. 
 
This rises to 40% for 35-44 year olds, whilst only 21% in the over 65 age group said they had less than one month’s income saved. 
 
At an overall level, this sentiment has been gradually improving since Q4 2012, when the Lloyds Bank Savings Index launched, when this figure was at 38%. 
 
The number of people who have been able to save remains stable from previous quarters, with 26% stating they are able to save regularly throughout the year. 
 
Unsurprisingly, those aged between 18 and 24 are less likely to save regularly (21%). In contrast, 55 to 64 year olds (28%) and those over the age of 65 (32%) are most able to save regularly throughout the year.
 
Andy Bickers, Savings Director, Lloyds Bank commented: “Despite widespread news about the economy improving, four in 10 still aren’t saving each month. This shows there is still some way to go for confidence in the economy to filter down to the man on the street. Attitudes to saving are still positive though, and if people are able to get in the habit of just putting away a small amount each month, this can be increased as circumstances improve.” 
 
              

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