Survey: 56% met 2009 saving goals

Wednesday, 17 March 2010 10:41

By myfinances.co.uk staff

Some 56% of Britons met or exceeded the saving goals they set for themselves in 2009, but the number of people not putting away anything for a rainy day almost doubled, according to a new survey.

Figures from Scottish Widows show that proportion of adults who are not saving anything climbed from 20% in 2008 to 37% last year.

A further 40% of those who did set aside some cash are certain that they are not saving enough to provide for the long term.

The mean amount saved in 2009 stood at £2,641.77, down from £3,466.60 for the previous 12 months.

Scottish Widows warned that savers could be facing a tougher time than they expect, as they often set their goals "far too low" and many people "consistently underestimate" how much they actually need to be saving.

It called for a "concerted effort" from the government to promote existing tax-efficient saving vehicles like ISAs and developing new incentives to encourage more people, particularly households on lower income, to set aside more cash for the future.

According to Nationwide, 80 per cent of Britons classed themselves as regular or occasional savers in February, the highest figure since May 2008.

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