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What are you saving for?

What are you saving for?

Last week, we brought the first of five sponsored posts to the Teacher’s Pet blog. Each of these posts is based on a different part of our savings survey, conducted earlier this year. With the help of research specialist Opinion Matters, we questioned 2,043 UK adults about their savings habits.

Our first blog post for Teacher’s Pet was about whether people are saving for their futures. Although more than a third (34%) of respondents said they weren’t currently saving anything, the majority told us they were. This post focuses on people’s reasons for saving.

Our findings

Whether it’s a deposit for a new home or money set aside for a rainy day, different people save for different reasons.

Of the people we surveyed, just 26% said they were saving for the short term, with 43% saving for the medium term and 31% saving for the long term.

When it came to medium to long term savings, 17% of respondents said they were saving for the holiday of a lifetime, compared to just 8% who were saving for education fees for their children. A new car and a new home were some of the other things people said they were saving for.

Saving goals

Having something to save for can motivate you to set aside a certain amount each moth, as it’s easier when you can visualise the end goal.

By drawing up a budget, you can work out how much spare cash you have to save and how long it’ll take you to achieve your goal.

Even if you can only afford to save a small amount each month, you might be surprised at how quickly the money adds up. If you can get into the habit of saving a little and often, you’ll be closer to achieving that dream holiday, deposit for a new home or first car for your child.

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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