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UK Adults Prioritizing Savings Despite Having Less than £1K in Bank Accounts – Report

Gatehouse Bank, a Shariah-compliant challenger bank, has recently conducted a study which reveals that the money mindset in the UK is shifting towards saving. The research aimed to examine the factors that influence individuals’ attitudes towards money, why they choose to save or spend, and what can cause a change in this mindset.

The study found that more than a third (34%) of UK adults naturally consider themselves to be savers rather than spenders. In addition, 44% of savers stated that they view saving as an essential expense that is equally important as their home finance or rent payments.

Interestingly, the focus on saving is on the rise. Approximately 11% of adults reported that they have shifted their mindset towards saving more in the past year due to the current economic climate. This shift indicates a promising trend towards a saving mindset.

Despite this positive shift, it is worth noting that one-third (33%) of UK adults have less than £1,000 in savings. However, more than half (59%) of respondents expressed their intention to save more on a monthly basis.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, expressed his satisfaction with the results of the survey. He stated that the increase in the number of UK adults considering themselves savers demonstrates an active shift in mindset, which is a positive development.

The survey, commissioned by Gatehouse Bank and conducted by 3Gem, anonymously surveyed 1,000 nationally representative UK adults aged 18 to 60 between August 21st and 23rd, 2023. The respondents were asked to identify themselves as either savers or spenders, and subsequent questions analyzed their reasons behind their approach to money.

The numbers mentioned in the headlines, such as 13.7 million and 4.4 million, are based on the nationally representative insights from Gatehouse Bank’s Savers vs Spenders research. This figure reflects the percentage of survey participants who identified themselves as savers, and this was extrapolated to represent the number of adults aged 18 to 60 in the UK, which is approximately 34% of the 40.5 million population within that age range.

It’s worth mentioning that a Home Purchase Plan is a Shariah-compliant alternative to a mortgage.

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