Home ownership tops the "why save" list

Home Owner

A recent survey conducted by Skipton Building Society has discovered that buying a new home is the thing that Brits save the most money for.

Speaking to 2,000 Brits, SBS found that £77,000 was usually put aside for a new buying a new home. Next on the list was inheritance, with people putting away an average of £42,000 to leave behind to their loved ones.

Pensions came next in the list with £25,000 being saved for later years. £21,000 was being kept as a “running away” fund, just in case people get fed up of life and need to escape.

Kris Brewster, head of products at Skipton Building Society, said: “While much has been said about the need for Britons to save more, we have decided to look at what people are currently saving for and just how successful they are with their savings goals. While the more serious topics such as homes, retirement and providing for the future feature in our list, there are clearly also some much more fun goals people are setting themselves to save up for.”

He added that “The bottom line is clear – people are much more committed to saving if they are actively saving for something, rather than just putting money away.”