We all know how a savings habit can help get our money into better shape. But a report from UK Savings Week has revealed that regular saving can improve personal wellbeing too.
Look after the pennies
The research revealed that keeping up a savings habit can increase life satisfaction. Savers on the lowest incomes were found to benefit most from regularly putting money aside, with 53% of this group reporting that they are satisfied with their life, compared with 40% of low-income non-savers1.
Savings habit
Interestingly, low-income savers had similar satisfaction levels to those on much higher incomes who were not regularly saving. This highlights that, no matter how much money you are saving, it is the act itself that may be boosting wellbeing. A savings habit can help with feeling positive about the future and financially protected against unexpected events.
1UK Savings Week, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.