Two-thirds ‘have changed spending habits to shore up savings’
One in eight people does not have any savings to fall back on, according to research for Chase.
More than two-thirds (69%) of people have changed their spending habits to save more money, a survey has found.
Two-fifths (41%) said they have done so to build an emergency fund for greater financial security, according to the research published by Chase, the consumer banking business of JPMorgan Chase & Co.
Global economic and political uncertainties may have prompted some people to put aside more cash.
A third (33%) of those surveyed said they are currently saving for a “rainy day”, while 32% are saving for a holiday, nearly a quarter (23%) are putting money towards retirement, and one in six (16%) is setting money aside for home improvements.
The research, carried out by Opinium among 2,000 people across the UK in April, also indicated that one in eight (12%) people does not have any savings and nearly one in 10 (9%) said they would be unable to pay for any essential outgoings if their income stopped overnight.
Shaun Port, managing director for savings at Chase, said: “Reviewing your finances to ensure your short-, mid- and long-term savings are deposited in accounts that best support your goals is crucial – and having a mix in that strategy means you can quickly adapt.”
A quarter (25%) of people surveyed said they are taking an active approach to their savings, spending time reviewing savings products and moving their money around to maximise returns.