"Saving is as important as ever": winter survey finds
As Brits navigate the rising cost of living, Furness Building Society’s survey finds savings accounts are more vital than ever.
The sacrifices people are willing to make to keep saving this winter
Despite the government’s recent introduction of an energy price cap, many Brits are still preparing for an uncertain winter. Utility bills, groceries and consumer goods are rising at a rapid pace whilst undefined support measures are circulating from a transitioning government. Figures show that “annual energy bills for households using a typical amount of gas and electricity have now risen to £2,500, an increase of £500”.
As cost concerns take hold with the general public and businesses alike, we wanted to understand how savings account holders are planning for the months ahead. Our winter survey asked a representative cast of the general public how the UK’s savers are affected by the cost of living crisis.
Cutting corners with cutbacks
78% of respondents claimed they are not planning on making ‘drastic changes’ to survive this winter and 76% say they’re not going to any extreme lengths to save money just yet. However, many of you are turning to loyalty schemes and have begun brand swapping and cutting back on luxuries.
For example, a significant 75% stated that they are now actively seeking out offers and promotions when making purchases, whilst 64% confirmed they have switched to cheaper alternative brands. Treats such as takeaways, holidays and any added extras came out second highest when it came to cutbacks, with 69% of respondents avoiding the purchase of luxuries altogether.
It seems we’re consciously evaluating our daily habits as a means of cutting costs as opposed to putting our saving deposits on hold completely.
"69% of respondents are avoiding the purchase of luxuries altogether"
With saving accounts helping a huge percentage of the general public navigate their way through the cost of living crisis, now is as good a time as ever to start your rainy day fund.