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How much do Brits really save?

REVEALED: Brits saving habits (Photo credit: PA)

BRITS ARE more likely to spend savings on frivolous items than something practical, according to new research.

The survey of 1,067 UK adults conducted by heating oil supplier, Super Saver Oil has revealed that Brits have on average £6,360 in their savings account.

But, rather than saving for a practical item or a rainy day, this was most likely to be spent on a summer holiday (41%).

Meanwhile, 37% of Brits revealed that they spend their savings on getting a new car, with 33% putting their money towards purchasing a house.

30% said they intend to put their savings towards a wedding, which can often be a substantial cost.

Utility bills (25%) completed the list of the top five things Brits spend their money from their savings account on.

Surprisingly, the research revealed that 1 in 7 (14%) don’t keep track of what funds they have in their savings account.

And 28% admitted that they dip into their savings as regularly as four times per month.

Mark Hackett, project manager at SuperSaverOil.com, commented: “It’s important to regularly put money aside into a savings account, no matter how little it may be. It’s not only good to set aside as an emergency fund but is also a good habit to have. By doing this on a frequent basis, it will mean we can dip into our savings when life’s surprises occur or even simply for big ticket items.”

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