Gatehouse Bank, the Shariah-compliant challenger bank, has today released new research demonstrating that the UK’s money mindset is shifting towards saving.
The research looked at UK adults’ attitudes to money, assessing the key factors that influence them, why they look to save or spend their money and what might cause a shift in this mindset.
Gatehouse Bank found that over a third (34%) of UK adults naturally consider themselves a saver rather than a spender, with 44% of savers stating that they viewed saving as an essential outgoing of equivalent importance to their home finance or rent payments. Furthermore, the UK’s focus on saving is increasing, with 1 in 10 adults (11%) saying that they had shifted their mindset in the last 12 months to adopt a greater focus on saving due to the current economic climate.
The research shows a promising shift towards a saving mindset, especially considering the data shows that a third (33%) of UK adults have less than £1,000 in savings, however over half (59%) of respondents aim to save more on a monthly basis.
Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “The research shows a promising rise in the number of UK adults who class themselves as savers, demonstrating that people are actively shifting their mindset, which is really positive.
“In the current high-rate environment, it’s important to continue setting savings goals and putting away some money every month. Even a small amount will ultimately add up and doing so is also important for creating a healthy savings habit.
“We encourage everyone to build this habit and are looking to launch a Regular Saver product later this year to further help our customers achieve their goals.”