It was good to read that saving is a priority for many adults in Britain, with around 46% of those surveyed saying they have a long-term savings goal. This rises to 63% among 25-34-year-olds.
However, the research by Lloyds Bank also found that not all Brits feel able to save for the long term.
Although they want to save for the future, 56% believe their day-to-day spending makes it difficult to put money aside, and 74% would prefer to pay off any debt they owe before saving.
However, despite 51% agreeing that the money they set aside for longer term saving is often spent on unexpected expenses or emergencies, it’s encouraging that 70% of long-term savers do believe that their savings goals can be achieved.
When thinking about saving for the future, retirement is the top focus for long-term savers, as over a quarter of Brits (27%) prioritise saving for retirement. Two thirds (66%) of 55-65-year-olds prioritise adding to their retirement savings.
Perhaps unsurprisingly, the youngest generation are least likely to prioritise retirement as a long-term savings goal, with 51% of 18-24-year-olds choosing to save for a first home instead.
Retirement and buying a first home are also amongst the top priorities of Brits who aren’t currently saving for something in the long-term. One-fifth (19%) claim that their main priority would be saving for retirement if they were able to start doing so. However, priorities differ among younger savers (18-34 years), as a third would choose to prioritise saving for their first home.
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