Newsroom Special - How to save smartly
Newsroom Specials
Thursday, 21 February 2019 - 8 minutes
New research released by Post Office Money finds that almost two in five (37%) UK adults are unable to save as much money as they would like to. Despite this, the research suggests the average household should be able to save up to £5,950.
UK savings have taken a hit in recent years, falling from £86 billion in 2016 to £47 billion in 2018. This is due to inflation averaging at 2.6% and annual wage growth averaging at 2.3%, meaning that goods and services have become more expensive, whilst incomes have not increased at the same rate, leaving many households with less money available to save.
Despite a potential savings opportunity of nearly £6,000 for households, research from the Money Charity recently found that the overall number of households with no savings has risen to almost 10 million, with a further 3.26 million households only having savings under £1,500.
Personal finance expert Iona Bain from The Save More Squad spoke to us to share her advice on how to spend more economically and save. She was joined by Ross Hunter, from Post Office Money.
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