Research for the Home Builders' Association found that the top three destinations people will save for in 2024 are holidays, home improvements and debt repayment.
But with the cost of living still eating up income, half (50%) of people are saving less each month than before the cost of living crisis, a study of 2,000 people by Nationwide Building Society has found.
Research shows that more than a third (35%) of savers are putting money aside for a holiday.
One in five (20%) want to renovate their home and 17% want to pay off debt.
Just over a fifth of savers (21%) do not save money for a specific purpose.
A survey conducted by Censuswide found that nearly three in ten (29%) have not reviewed the interest rates on their savings accounts in the past two to six months, and nearly a quarter (23%) have compared interest rates on their savings accounts. It turns out there are no enemies. february.
Nationwide has a SavingsWatch service that notifies customers when better rates or new products become available.
Last year, the Financial Conduct Authority (FCA) introduced new consumer obligations that require financial firms to put customers at the heart of what they do.
The FCA has also previously set out a 14-point action plan to help banks and building societies properly pass on interest rate increases to savers, communicate effectively with customers and offer better deals.
A Nationwide survey found that among people who did not compare interest rates on their savings accounts, more than a third (38%) said they were satisfied with their accounts, while one in four (25%) did not have enough money to save. I answered that it was because I did not. One in six (15%) say it's because they don't have time to research other accounts and rates.
Tom Riley, Retail Product Director at Nationwide, said: “Given the current cost of living crisis, it is no surprise that people are admitting they are saving less than before. But for those who can afford to save even a small amount each month, it’s important to make the most of that money by staying up to date with the latest products and rates on offer.”