Londoners lead the way with savings goals


Londoners lead the way with savings goals

Research by NatWest published today reveals new data about savings priorities across gender, age and location.

Economic Analysis

25 January 2012

The statistics, sourced from hundred’s of thousands of customers using a free tool to help hit their savings targets, show that people in London will, on average, target savings of £9,962 compared with around £6,000 everywhere else.

  • Londoners try to save around 50% more than rest of the UK
  • More women save nationwide, however men are more ambitious, aiming to save almost twice as much
  • Women save for special events while men save for practical items such as a house deposit or car

The statistics, sourced from hundred’s of thousands of customers using a free tool to help hit their savings targets, show that people in London will, on average, target savings of £9,962 compared with around £6,000 everywhere else.

The figures also show a clear gender difference with nearly a third more women are using the tool to reach their savings goals. It’s men however, who appear to set their savings sights higher - while women aim for an average of £5,600, men want to save nearly double that at just under £10,000.

The savings goals tool was introduced by NatWest in 2009 as an aid for customers who are saving for something specific. Awarded a 3 star Fairbanking mark last year, the tool can be personalised: customers can input the amount to save, a target date, and how much they can afford to put aside each month, and can track their progress through online banking. The tool’s popularity has been growing since its introduction and by the end of last year nearly 2,000 individual goals were being set up across the UK every week.

In the London area around a quarter of all savers using the tool are putting aside funds for ‘other’ purposes such as buying a laptop, or even a new motorhome, while almost another quarter are saving for a house deposit. The next most popular goal in London is to save for a holiday with 19% of users aiming for that.

The new research also shows that men and women have different savings agendas – with men more likely to save for a car, house deposit, or their own business, while women are saving for a holiday, a wedding or just ‘something special’.

It’s not just gender that dictates savings patterns, and today’s new figures also highlight the link between a customer’s age and their savings habits. Perhaps unsurprisingly, the target for under 18’s is a car, while customers in their 20’s are aiming for a house deposit and the over 65’s continue to save for their retirement.

Phil Sheehy, Head of Savings at NatWest and RBS said:

‘Whether you’re saving for your first house, family holiday or even to follow a favourite sports team around the world, we want to encourage our customers to get into the habit of putting a bit of cash aside when they can.

This tool is a great way to help people whose first instinct wouldn’t naturally be to build up their savings. Since the tool was introduced we’ve seen thousands of goals set up and hundreds of millions saved so far.’

London breakdown

National figures

Female - most popular goals

Male  - Most popular goals

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