This is an overall improvement of 5% from the previous quarter of those saying that they been able to save regularly throughout the year. Almost one in ten (9%) have been able to save over £1,000 in the last month. This doubles to nearing one in five (18%), for those who have saved £500 or more.
Current levels of savings also paint a positive picture with 23% of respondents having more than four times their household monthly income in accessible savings.
Men are seen to be better savers than women, with 21% of men saving more than £500 last month, compared to 14% of women. When considering the main reason to save, men are significantly more likely than women to save to fund their retirement, with 15% of men saving compared to 9% of women.
However, women are more cautious when it comes to their savings, with 30% saying that they save for a rainy day, compared to 26% of men. Amongst those who are saving up for something in the short term, men (18%) are more likely than women (11%) to be saving up for entertainment goods, such as TV, computer, tablet or console.
The top reasons people are saving include putting money aside for financial security (60%), nearing half (44%) save out of habit, with a similar proportion saving towards a short term goal, such as a holiday or new car (43%).
Of those who have been unable to save in the past 12 months, around two thirds (64%) have not had enough money left to do so, whilst just under a third (30%) have been unable to save due to paying off debt. In addition, 68% of people surveyed said that they would rather pay off any debt they owe before saving.
Cash ISAs continue to be the most popular way to save (46%), followed by instant access savings accounts (44%). A fifth (20%) of savers say they have been using a high interest account in order to save money in the past 12 months.
Philip Robinson, Savings Director for Lloyds Bank, said:
“We are seeing a shift in confidence when it comes to people’s ability to save.
“For people who may not be as confident with their current savings habits, it’s important to try and save a small and regular amount each month. This can help to build a strong savings pot over time, which can be increased as circumstances improve.”
