Britons start saving aged 25, says NS&I

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Britons start saving aged 25, says NS&I

Wed 24th Feb 2010

The age which most British adults begin to take saving seriously is 25, according to the latest statistics from NS&I.

However, around 22 per cent stated they did not begin to save in earnest until they passed their 30th birthday, while a further 15 per cent added that they had never saved at all.

The motivations to begin setting money aside were also assessed, with 67 per cent women prioritising short-term goals like having the money to pay for a holiday.

Meanwhile, men look to the long-term for their motivation, with 60 per cent setting money aside to pay for their wedding or a house.

John Prout, NS&I's savings spokesperson, said: "It is important to not just see savings as a reaction to major events. Our research shows that 32 per cent of savers say that they have saved in the past but have not managed to continue."

By comparison, many people have not yet planned how they are to make the most of the new Isa limits, according to the institution, with just 15 per cent of savers stating that they knew the level was to change in April.

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