# Brits Saving Less Than Ever: Only 50 % Add To Savings Each Month
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-04-21
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: British Saving Habits Revealed: Why We Struggle to Save
Meta Description: Discover why Brits struggle to save, the gender savings gap, and expert advice on growing your money. Invest in your financial future today.
URL: https://financedigest.com/brits-saving-less-than-ever-only-50-add-to-savings-each-monthhtml

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We all know we need to save for the future but reining in spending can feel like an impossible task. Investment specialists, Legal & General, take an in-depth look into Britain’s saving habits, the psychological reasons why we don’t save more and the best way to grow your money according to the experts.

- Less than 50% of Brits add to savings every month
- 1 in 5 rarely or never save
- 31% of people have £1,500 or less in savings
- 22% have over £20,000 in savings
- ¼ of people save via [stocks](https://www.financedigest.com/mutual-funds-vs-stocks-which-is-better.html "stocks") and shares ISAs

A survey conducted of over 2,000 UK adults aged 18-64 showed that Brits are struggling to put earnings aside for rainy days, with 9% of those surveyed having less than £500 in savings. A shocking 15% have no savings at all. Savings for those in the UK reached the lowest level for 50 years in 2017 with savings as a percentage of [household income falling](https://www.financedigest.com/four-fifths-of-uk-households-saw-disposable-income-fall-in-august-says-asda.html "Four fifths of UK households saw disposable income fall in August, says Asda") to 4.9%, the lowest figure since records began in 1963.

Dr Kristina Vasileva, senior lecturer in Finance, University of Westminster, comments: ‘Self-control bias is the human behavioural tendency that causes us to fail to act in the pursuit of [long-term goals due](https://www.financedigest.com/automotive-glass-market-to-witness-sales-slump-in-near-term-due-to-covid-19-long-term-outlook-remains-positive.html "Automotive Glass Market to Witness Sales Slump in Near Term Due to COVID-19; Long-term Outlook Remains Positive") to lack of self-discipline. [Money seems to be one area where people are displaying a huge lack](https://www.financedigest.com/the-problem-with-current-anti-money-laundering-processes-a-lack-of-context.html "The problem with current Anti-Money Laundering processes: A lack of context") of self-control.’

Following [recent reports](https://www.financedigest.com/most-recent-development-report-on-centrifugal-chiller-market-to-witness-exponential-rise-in-revenue-share-during-the-forecast-period-2021-2031.html "Most Recent Development Report On Centrifugal Chiller Market To Witness Exponential Rise In Revenue Share During The Forecast Period (2021-2031)") of a gender pay gap, our survey found there’s also a gender savings gap. 55% of British male adults add to their savings each month, compared with only 43% of women. And almost 1 in 4 men have more than £20,000 saved – whether in ISAs, stocks and shares, or savings accounts – compared with less than 1 in 5 women.

Savings offer many benefits such as financial security, opportunities for a better future and less stress. Experts recommend having a good understanding of inflation, [current markets](https://www.financedigest.com/acne-scar-treatment-market-current-trends-and-future-aspect-analysis-2021-2031.html "Acne Scar Treatment Market Current Trends and Future Aspect Analysis 2021 – 2031"), what’s available, and just how we like to save and spend.


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