Want to feel happier? Start a regular savings habit!
Posted on 28th August 24
As proud supporters of the upcoming UK Savings Week 2024 (9th – 15th September) we’re pleased to share this Building Society Association blog about understanding the role of savings and developing a regular savings habit in promoting positive wellbeing.
When the unexpected happens, like the car breaking down or a leak springing up in the kitchen, we know that having a little bit of money set aside to cover the repair costs can help to take away some of the stress.
A University of Bristol report has found that that having a regular savings habit not only makes us more resilient when things go wrong, but it also improves our overall wellbeing. Saving regularly could help us feel more optimistic about the future, improve our ability to relax, sleep better at night, and be more satisfied with our life generally.
And it doesn’t matter how small the amount saved each month. In fact, it is those on low incomes that are reaping the biggest wellbeing benefits of regularly putting a little aside.
As well as feeling better when we have some money in a savings pot, we are also able to achieve more of our dreams. Many of us save to buy a luxury item, a holiday, a big event, or an expense such as an annual season ticket. However, the new research shows that having a regular savings habit can help us to achieve much bigger life goals.
By tracking the savings habits of a group of young adults and the significant milestones in their lives over 10 years, researchers found that 82% of those who saved regularly became homeowners. That more than halved for those who saved on an ad-hoc basis, dropping to just 40%. And non-savers? Only 15% of non-savers bought their own home in that time.
So whatever level of saver you are, there is evidence to show that putting even the smallest amount aside each week or month will not only help you face a rainy day a little more easily, it will support your personal mental wellbeing, make you feel a little bit better about your life, and potentially help you to achieve your big dreams. If you are not already a regular saver, why not start a savings journey today? You’ll find lots of support, hints and tips on the UK Savings Week website.
