Reasons for saving in the UK | Statista

In 2022, approximately 63 percent of residents in the United Kingdom (UK) were saving for a rainy day among other reasons. Meanwhile, 35 percent of people mentioned that their main reason to cover short-term expenses such as a holiday. Retirement was another reason why people were saving money apart from the contributions made for their pensions.

Share of people mentioning the following reasons for saving in the United Kingdom (UK) in 2022

Characteristic	Share of respondents
As a result of the poor performance of my investments	1%
To cover education costs	5%
To help my (grand)children with a deposit for a house	7%
I received a large lump sum from an inheritance or other source	7%
To provide a regular income in the future, before I retire	11%
To leave an inheritance	13%
To cover the cost of long-term care, should I need it in later life	15%
To support my family	23%
To cover the costs of other major expenses, e.g. house deposit, wedding	26%
To provide an income during retirement	30%
To cover short-term expenses, e.g. a holiday	35%
For a rainy day	63%

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Release date

July 2023

More information

Region

United Kingdom

Survey time period

February to June 2022

Number of respondents

3,676 respondents

Age group

18 years and older

Special properties

Adults who save in a savings account, credit union, cash ISA, or NS&I.

Method of interview

Online interview

Citation formats

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Statistics on " Personal savings in the United Kingdom (UK) "

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Overview

5

Savings behaviour

8

Savings product ownership

5

Types of accounts

4

Individual Savings Accounts (ISAs)

8

Interest rates

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