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How do you save your money?

How do you save your money?

We’ve been writing a series of posts for the Teacher’s Pet Blog, based on the results of the survey we carried out with research specialist Opinion Matters in May this year.

Our previous two entries focussed on whether people were saving and if so, what they were saving for. Using the same research, this post is about the different ways in which people save their money.

How people save

From putting loose change into a piggy bank to opening a fixed access account, there are numerous ways in which people choose to save.

Our research found that people didn’t like their money to be tied up for too long, with just 3% of respondents saying they’d consider opening a savings account with a fixed term of more than ten years. The majority of respondents seemed to want some restrictions on getting access to their money though, with 51% saying they would consider opening a fixed access account with a term of one to five years and just 11% of respondents having 80-100% tied up in a savings account.

Which way is best?

Everyone’s attitude to savings is different and the way in which you save will depend on your circumstances and your attitude to risk. The first thing to do is to assess your own personal finances and work out whether you have any money left over each month that you can start setting aside.

Next, it’s wise to think carefully about how cautious or adventurous you are with your savings and investments. Of the people we surveyed, 8% considered themselves to be adventurous, with 16-24 year olds the most likely to take risks.

Cautious investors might find that saving in a range of different ways can help to put their mind at ease as they’re not putting all of their eggs in one basket.
If you’d like more information about Teachers Assurance, please visit https://www.teachersassurance.co.uk or call us on 0800 056 0563.

Author: Teachers Assurance

Understanding our customers’ financial needs is our business. When life is too busy and stressful to look beyond the here and now, Teachers Assurance helps customers to think ahead to what they could make from their money. It is our aim to help our customers think ahead, make plans and start saving regularly now for a brighter financial future.

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