• 68% of people surveyed have managed to save over the past 12 months
• 44% of savers have saved at least once a month, up from 37% in Q4 2014
• Almost one in ten have been able to save over £1,000 in the last month for Q1 2015
• Men are more likely than women to save to fund their retirement
The Lloyds Bank Savings Report shows that people are feeling confident about their savings, with over two thirds of people surveyed having saved over the past 12 months. This is an overall improvement of 5% from the previous quarter of those saying that they been able to save regularly throughout the year. Almost one in ten (9%) have been able to save over £1,000 in the last month. This doubles to nearing one in five (18%), for those who have saved £500 or more.
Current levels of savings also paint a positive picture with 23% of respondents having more than four times their household monthly income in accessible savings.
Men are seen to be better savers than women, with 21% of men saving more than £500 last month, compared to 14% of women. When considering the main reason to save, men are significantly more likely than women to save to fund their retirement, with 15% of men saving compared to 9% of women.
However, women are more cautious when it comes to their savings, with 30% saying that they save for a rainy day, compared to 26% of men. Amongst those who are saving up for something in the short term, men (18%) are more likely than women (11%) to be saving up for entertainment goods, such as TV, computer, tablet or console.
The top reasons people are saving include putting money aside for financial security (60%), nearing half (44%) save out of habit, with a similar proportion saving towards a short term goal, such as a holiday or new car (43%).