30% of Brits put savings towards their wedding, according to new research

18 Apr 2018

New research has revealed how much British people have in their savings account and what they spend it on

A survey of 1,067 UK adults by heating oil supplier Super Saver Oil has revealed the average amount a British person has in their savings account, and what they spend it on. According to the research, Brits have £6,630 in their savings account on average – and it is more likely to be spent on something frivolous than something practical.

In fact, 41% of those surveyed stated that they would be most likely to spend their savings on a summer holiday, while 37% would spend them on a new car and one third of respondents would put their money towards purchasing a house. Just 30% said they intend to put their savings towards a wedding.

Surprisingly, the research also revealed that one in seven Brits don’t even keep track of the amount they have in their savings accounts – and 28% admitted to dipping into their savings as regularly as four times per month.

Mark Hackett, project manager at Super Saver Oil, commented: “It’s important to regularly put money aside into a savings account, no matter how little it may be. It’s not only good to set aside as an emergency fund but is also a good habit to have. By doing this on a frequent basis, it will mean we can dip into our savings when life’s surprises occur or even simply for big ticket items.”

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