The Saving Habit ..
12 May 2011, 01:17 PM
#1
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The Saving Habit ..
With all this talk of savings products and me giving you all the nod on the NS&I Certs.
I noticed that, according to figures out this week, the average savings amount has dropped over the past 3 months.
The average 3 monthly savings figure now stands at around £1700 ... which is down on the previous 3 months.
This represents just £567 saving per month per person - which is staggeringly low
The report suggests that people are paying down debt and this is why the savings are being hit hard.
I would be really saddened if I could only save £567 a month - I know I am talking to the converted wealthy of Scoobynet ...... but I find it shocking!
We need to get through to people that they need to save much more for their future .. how to?
I noticed that, according to figures out this week, the average savings amount has dropped over the past 3 months.
The average 3 monthly savings figure now stands at around £1700 ... which is down on the previous 3 months.
This represents just £567 saving per month per person - which is staggeringly low
The report suggests that people are paying down debt and this is why the savings are being hit hard.
I would be really saddened if I could only save £567 a month - I know I am talking to the converted wealthy of Scoobynet ...... but I find it shocking!
We need to get through to people that they need to save much more for their future .. how to?
Last edited by pslewis; 12 May 2011 at 01:18 PM.
12 May 2011, 01:25 PM
#4
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People need to secure their own future finances in old age - the Pensions are going to be pathetic!
I know Scoobynet members are way up there in the wealth stakes .... but, just £567 a month savings, that shouldn't really be allowed to happen in a rich economy like ours!?
I know Scoobynet members are way up there in the wealth stakes .... but, just £567 a month savings, that shouldn't really be allowed to happen in a rich economy like ours!?
Last edited by pslewis; 12 May 2011 at 01:26 PM.
12 May 2011, 01:27 PM
#5
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Saving is bad for the economy. We need people to spend. And buy things on credit.
However too much spending is bad, as is buying things on credit. However without that, the economy is stuffed. So go out and spend all you can. And if you can't spend enough, borrow it.
But don't forget to save because lots of people are loosing their jobs and you might be one of them. So save. And spend.
Easy isn't it.
But whatever you do, don't feel sorry for Pete. He drives a car that does 55mpg, and can save substantially more than £567 a month. Of course he should be spending it, see above, but where's the fun in that.
However too much spending is bad, as is buying things on credit. However without that, the economy is stuffed. So go out and spend all you can. And if you can't spend enough, borrow it.
But don't forget to save because lots of people are loosing their jobs and you might be one of them. So save. And spend.
Easy isn't it.
But whatever you do, don't feel sorry for Pete. He drives a car that does 55mpg, and can save substantially more than £567 a month. Of course he should be spending it, see above, but where's the fun in that.
12 May 2011, 01:34 PM
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People need to secure their own future finances in old age - the Pensions are going to be pathetic!
I know Scoobynet members are way up there in the wealth stakes .... but, just £567 a month savings, that shouldn't really be allowed to happen in a rich economy like ours!?
I know Scoobynet members are way up there in the wealth stakes .... but, just £567 a month savings, that shouldn't really be allowed to happen in a rich economy like ours!?
My impression is that the 'average' person basically lives month to month. How do you put away almost £600 per month when paying for everything (rent or mortage, car, petrol, council tax, food, holidays, booze) and on an average wage?
12 May 2011, 01:36 PM
#7
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I would LOVE to spend my money!!!
I have enough saved to last my lifetime, so I could spend all my income - only I have nothing to buy!! NOTHING!
I guess when you get to my age you have everything you need ... and you don't want for anything?
I mean, a Sofa with a 10 year warranty is actually pointless now ... the stuffing will escape me before it does the furniture!
I have enough saved to last my lifetime, so I could spend all my income - only I have nothing to buy!! NOTHING!
I guess when you get to my age you have everything you need ... and you don't want for anything?
I mean, a Sofa with a 10 year warranty is actually pointless now ... the stuffing will escape me before it does the furniture!
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12 May 2011, 01:36 PM
#8
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Saving is bad for the economy. We need people to spend. And buy things on credit.
However too much spending is bad, as is buying things on credit. However without that, the economy is stuffed. So go out and spend all you can. And if you can't spend enough, borrow it.
But don't forget to save because lots of people are loosing their jobs and you might be one of them. So save. And spend.
Easy isn't it.
But whatever you do, don't feel sorry for Pete. He drives a car that does 55mpg, and can save substantially more than £567 a month. Of course he should be spending it, see above, but where's the fun in that.
However too much spending is bad, as is buying things on credit. However without that, the economy is stuffed. So go out and spend all you can. And if you can't spend enough, borrow it.
But don't forget to save because lots of people are loosing their jobs and you might be one of them. So save. And spend.
Easy isn't it.
But whatever you do, don't feel sorry for Pete. He drives a car that does 55mpg, and can save substantially more than £567 a month. Of course he should be spending it, see above, but where's the fun in that.
Credit just always peeps to push fwd purchases. I don't see how it increases net demand though...only the timing? Surely once those purchases have been pushed fwd that is it? Now you have them!
12 May 2011, 01:41 PM
#10
I would LOVE to spend my money!!!
I have enough saved to last my lifetime, so I could spend all my income - only I have nothing to buy!! NOTHING!
I guess when you get to my age you have everything you need ... and you don't want for anything?
I mean, a Sofa with a 10 year warranty is actually pointless now ... the stuffing will escape me before it does the furniture!
I have enough saved to last my lifetime, so I could spend all my income - only I have nothing to buy!! NOTHING!
I guess when you get to my age you have everything you need ... and you don't want for anything?
I mean, a Sofa with a 10 year warranty is actually pointless now ... the stuffing will escape me before it does the furniture!
12 May 2011, 01:47 PM
#11
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Found where I read it from ....
From ING Direct:-
New research from ING Direct has shown that the average Briton has seen their savings fall by around £100 since the last quarter.
This is a drop of 2.8 per cent and leaves the average savings in the UK at around £1,783 over the quarter. The savings drop is being brought about by the rising cost of living, unemployment and tax rises. The latest fall in savings leaves Britons’ rainy day funds at the lowest they have been since ING Direct began tracking the data two years ago.
The research found that 41 per cent of people are now dipping into their savings to pay for everyday items like food and petrol. The analysis also suggested that a growing number of people are trying to pay off debt such as overdrafts and credit cards amidst fears about job security.
However, nearly a third of those surveyed said that they plan to rebuild their savings later this year if the economy improves.
Commenting on the findings, ING Direct Senior Economist James Knightley said, “You would expect to see a downward push on savings levels post-Christmas, but a like-for-like fall on the same fiscal quarter suggests that there is more at play than simple seasonal variation.”
-----------------------
£1783 saved over a quarter .... I knew it was around that.
From ING Direct:-
New research from ING Direct has shown that the average Briton has seen their savings fall by around £100 since the last quarter.
This is a drop of 2.8 per cent and leaves the average savings in the UK at around £1,783 over the quarter. The savings drop is being brought about by the rising cost of living, unemployment and tax rises. The latest fall in savings leaves Britons’ rainy day funds at the lowest they have been since ING Direct began tracking the data two years ago.
The research found that 41 per cent of people are now dipping into their savings to pay for everyday items like food and petrol. The analysis also suggested that a growing number of people are trying to pay off debt such as overdrafts and credit cards amidst fears about job security.
However, nearly a third of those surveyed said that they plan to rebuild their savings later this year if the economy improves.
Commenting on the findings, ING Direct Senior Economist James Knightley said, “You would expect to see a downward push on savings levels post-Christmas, but a like-for-like fall on the same fiscal quarter suggests that there is more at play than simple seasonal variation.”
-----------------------
£1783 saved over a quarter .... I knew it was around that.
12 May 2011, 01:49 PM
#13
Thats around about what i can save every month from my full time wage, I thought I was doing well ? 
You can buy things for me if youd like ?
I would LOVE to spend my money!!!
I have enough saved to last my lifetime, so I could spend all my income - only I have nothing to buy!! NOTHING!
I guess when you get to my age you have everything you need ... and you don't want for anything?
I mean, a Sofa with a 10 year warranty is actually pointless now ... the stuffing will escape me before it does the furniture!
I have enough saved to last my lifetime, so I could spend all my income - only I have nothing to buy!! NOTHING!
I guess when you get to my age you have everything you need ... and you don't want for anything?
I mean, a Sofa with a 10 year warranty is actually pointless now ... the stuffing will escape me before it does the furniture!
12 May 2011, 01:49 PM
#14
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12 May 2011, 01:51 PM
#15
12 May 2011, 01:52 PM
#16
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12 May 2011, 01:53 PM
#17
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The average person saves £567 a month? Thats cobblers.
If the average person had £567 available as savings every month why is the average person in debt up to the eyeballs.
This "average person" felt that saving £567 a month whilst owing the "average" debt of what £15K? Is a good idea.
12 May 2011, 01:56 PM
#19
12 May 2011, 02:00 PM
#21
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That's some average! I suspect if the average person had that kind of money spare, we wouldn't be sitting with interest rates near zero. The figures might be correct, but of course with nature of averages you've probably got a small percentage saving serious money and the rest not able to save at all.
12 May 2011, 02:28 PM
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I presume this is the report that Pete is working himself into a lather over : Consumer Savings Monitor Report - Q1 2011 (PDF)
Q1 2011 figures report a median savings of £1783, down £51. In then goes on to explain:
So people aren't paying ~£590 into savings each month.
Q1 2011 figures report a median savings of £1783, down £51. In then goes on to explain:
The ordinary man or woman in the UK currently has £1,783 in readily accessible cash savings in banks and building societies
12 May 2011, 02:36 PM
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I presume this is the report that Pete is working himself into a lather over : Consumer Savings Monitor Report - Q1 2011 (PDF)
Q1 2011 figures report a median savings of £1783, down £51. In then goes on to explain:
So people aren't paying ~£590 into savings each month.
Q1 2011 figures report a median savings of £1783, down £51. In then goes on to explain:
So people aren't paying ~£590 into savings each month.
12 May 2011, 02:37 PM
#26
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Thing is, most people on that kind of money will be putting away zero. They get used to living right up to their limit in good times, then if their borrowing costs go up at all they're in the sh*t.
12 May 2011, 02:39 PM
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If the average person was saving 7k from 25k before tax we would be a nation of phenomenal savers....which we are not.
12 May 2011, 02:43 PM
#28
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The average working wage isn't £25k anyway, it's £75k. That's what Pete says anyway?!
12 May 2011, 03:33 PM
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Sauce?
The average person saves £567 a month? Thats cobblers.
If the average person had £567 available as savings every month why is the average person in debt up to the eyeballs.
This "average person" felt that saving £567 a month whilst owing the "average" debt of what £15K? Is a good idea.
The average person saves £567 a month? Thats cobblers.
If the average person had £567 available as savings every month why is the average person in debt up to the eyeballs.
This "average person" felt that saving £567 a month whilst owing the "average" debt of what £15K? Is a good idea.
If the average Brit saves £567 a month then how come one in four is struggling to make needs meet?
http://www.mortgageintroducer.com/mo...ends_meet_.htm
This entire thread is yet another one of Pete's "Look at how rich and comfortable I am" threads.
