To support this year’s UK Savings Week, new research from the Building Societies Association (BSA) has found that in Yorkshire and the Humber region, and despite the recent focus on interest rates, 34% of people hold most of their savings in a current account1, which means many of us are potentially missing out on free money by holding savings in accounts that offer little or no interest.
Financial resilience
One in 5 people in the region could not meet an unexpected expense of £3002, and 30% do not have enough savings to live off for a month4. These figures look unlikely to reduce either, as half of all people in the region are still saving less than they did before the cost of living crisis.
Savings goals
Despite a considerable proportion of local people not having any savings (11%)3, those who do save put an average of £2145 into their savings each month with an average of 12.46 contributions per year.
In the Yorkshire and Humber region, the average amount held in savings sits at £15,734.207 and the national picture reflects that savings increase the older you get8.
Beverley Building Society, CEO, Janet Bedford added: “We have seen significant increases in the Bank Base Rate over the last couple years and this has had a positive impact on savings rates. We’re very mindful that people have been navigating the cost of living crisis so we hope that now many people will embrace good savings habits and build more financial resilience, while rates are good.
She continued: “I’m therefore delighted that we’re participating in this year’s UK Savings Week and helping people in our East Riding heartland to make their money work harder for them. I’m also extremely proud that, as a progressive Society, we continue to offer good value, competitive savings products that are underpinned by an outstanding level of personalised service, in an increasingly automated age. We’re committed to ensuring that our members will always find a branch colleague the end of the phone and that we maintain longer opening hours, including Saturday mornings, to better serve both our savers and borrowers.
UK Savings Week
This year, UK Savings Week is encouraging people to think about their saving journey.
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Look at your money – think about what money you have coming in and what you spend and decide what you need versus what is ‘nice to have’.
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Set your money goals – having achievable and specific targets to aim for means you’re more likely to hit your savings goals.
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Get in control – accept there will be temptations, and plan for how you’re going to deal with them.
