Research from the world’s largest data and insights company Dynata, who polled over 1000 UK consumers in May 2022, shows that many Brits are saving funds despite the pressures from rising inflation and the cost of living increases.
The data, which is extracted from Dynata’s Global Report “The Economic Crossroads” shows that just over two thirds (67%) of Brits are saving money on a regular basis, and this rises to 71% of British men and 73% of British homeowners. Of those who are already saving, 41% are saving a lot/a little more, although just over a quarter (26%) of us are saving a lot/a little less.
The key driver for increased savings is uncertainty
- 51% are worried about the effects of the war
- 50% of those who have increased their savings say it is because the future feels more uncertain
- 48% are concerned about a global financial crisis
- 39% are worried they might lose their job
Many savers are investing
- Whilst most savers are either putting the money in a bank (78%) or even as cash at home (13%), many Brits are investing their savings:
o 23% in a retirement or pension fund
o 21% on the stock market or in a mutual fund
o 14% in bonds
o 12% in a retirement account that invests in the stock market
o 8% in a retirement fund that invests in bonds and mutual funds
But are doing so more conservatively than a year ago
- When investors (in the stock market or mutual funds) were asked their investment style compared to a year ago:
o 36% said they were investing more conservatively
o 19% said they were investing more aggressively
- And when asked why (either conservatively or aggressively):
o 56% said because of the uncertain future
o 36% said because of the war
o 34% said because of the global financial crisis
o 28% said because they were concerned, they might lose their job
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