Try our corporate solution for free!
(212) 419-8294
vianny.gutierrez-cruz@statista.com

Savings in the United Kingdom - statistics & facts

Savings represent that part of disposable income that is not spent on goods and services but rather set aside for the future. Saving is crucial to build financial security and independence. Attitudes towards saving, however, depend on factors such as a country’s economic development, employment rate, welfare conditions, consumer confidence, and tax rates. In the United Kingdom (UK), the savings rate fluctuated between 5.7 and 11.9 percent over the last two decades, before peaking at nearly 16 percent during the COVID-19 outbreak.

Savings instruments

For those deciding to save their money instead of investing it, there are several instruments. In the UK, people can pick among different financial products which offer favorable conditions and higher interest rates compared to traditional bank accounts. Access to and conditions of these saving instruments, however, depend on the objective (for instance retirement, education, or healthcare), and the commitment in terms of time and amount, meaning the consumer most likely will not have access to their money for at least an initial period of time. The most widespread among people in the UK appear to be savings accounts (bank, building society, or NSI), followed by individual savings accounts (ISA). ISAs are accounts that allow savers to earn tax-free interest on their cash savings, with a contribution limit set to 20,000 British pounds per year.

Savings during COVID-19 outbreak

Due to the coronavirus (COVID-19) pandemic, many households worldwide saw their income decrease. Among the most vulnerable groups were those operating in the tourism and hospitality, transportation, and retail sectors. On the other hand, office workers could benefit from remote working. Overall, the pandemic led to a decrease in day-to-day spending for most people. As a consequence, saving rates increased, particularly in advanced economies. In the UK, the households´ savings rate reached 25.9 percent at the height of the COVID-19 pandemic, which led to so-called excess savings lying idle in bank accounts.

Key figures

The most important key figures provide you with a compact summary of the topic of "Savings in the United Kingdom (UK)" and take you straight to the corresponding statistics.

Individual Savings Account (ISA)

Retirement savings

Savings during COVID-19

Interesting statistics

In the following 4 chapters, you will quickly find the 22 most important statistics relating to "Savings in the United Kingdom (UK)".

Savings in the United Kingdom (UK)

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!
TOP SELLER

Savings in the United Kingdom - statistics & facts

Savings represent that part of disposable income that is not spent on goods and services but rather set aside for the future. Saving is crucial to build financial security and independence. Attitudes towards saving, however, depend on factors such as a country’s economic development, employment rate, welfare conditions, consumer confidence, and tax rates. In the United Kingdom (UK), the savings rate fluctuated between 5.7 and 11.9 percent over the last two decades, before peaking at nearly 16 percent during the COVID-19 outbreak.

Savings instruments

For those deciding to save their money instead of investing it, there are several instruments. In the UK, people can pick among different financial products which offer favorable conditions and higher interest rates compared to traditional bank accounts. Access to and conditions of these saving instruments, however, depend on the objective (for instance retirement, education, or healthcare), and the commitment in terms of time and amount, meaning the consumer most likely will not have access to their money for at least an initial period of time. The most widespread among people in the UK appear to be savings accounts (bank, building society, or NSI), followed by individual savings accounts (ISA). ISAs are accounts that allow savers to earn tax-free interest on their cash savings, with a contribution limit set to 20,000 British pounds per year.

Savings during COVID-19 outbreak

Due to the coronavirus (COVID-19) pandemic, many households worldwide saw their income decrease. Among the most vulnerable groups were those operating in the tourism and hospitality, transportation, and retail sectors. On the other hand, office workers could benefit from remote working. Overall, the pandemic led to a decrease in day-to-day spending for most people. As a consequence, saving rates increased, particularly in advanced economies. In the UK, the households´ savings rate reached 25.9 percent at the height of the COVID-19 pandemic, which led to so-called excess savings lying idle in bank accounts.

Interesting statistics

In the following 4 chapters, you will quickly find the 22 most important statistics relating to "Savings in the United Kingdom (UK)".

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Vianny Gutierrez-Cruz
Vianny Gutierrez-Cruz
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Ziyan Zhang
Ziyan Zhang
Customer Relations– Contact (Asia)

Mon - Fri, 11:30am - 10pm (IST)

Contact Kisara Mizuno
Kisara Mizuno
Customer Success Manager– Contact (Asia)

Mon - Fri, 9:30am - 5:30pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Catalina Rodriguez
Catalina Rodriguez
Key Account Manager - LAC– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)