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

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.”