Property is Out, Holidays are In!
We all know we have to save for the future, but how will you spend it? On a house or a holiday?
Whether it’s saving for a trip to Asia, a new car or even saying ‘I do’ – the nation’s savings goals are changing. A rise in property prices, inflation and changing lifestyle trends mean that savings goals are different from previous generations. But what does science tell us about the most gratifying ways to spend our cash after working so hard to save it?
Investment specialist Legal & General, along with a team of behavioural economists, social psychologists and financial specialists, have been researching Britain’s spending and saving habits – and a survey of more than 2,000 UK adults aged 18-64 reveals:
1 in 3 people are saving for a holiday
Travel is the third most common expense people are saving for, according to
the survey. Only ‘emergencies’ and ‘financial stability’ are higher priorities.
Half of us think saving money could help us live comfortably
40% of people think saving could help them maintain their lifestyle during retirement while 35% think it could give them freedom to travel.
Only 11% of Brits are saving for a new home
Saving up to buy a property is less important to people than saving for a new car or travel, according to the recent survey results.
1 in 2 people think they need more than £50,000 to feel financially stable
However, 20% of male survey respondents said they’d need more than £200,000 to feel fully financially stable, compared with only 15% of women.
• Find out why we’re more likely to save for a holiday than a new home at https://blog.legalandgeneral.com/saving-and-spending/main