LONDON, July 31, 2010 /PRNewswire/ — New research from ICICI Bank UK Plc reveals that just as we enter the age of austerity, UK consumers are primarily saving their hard-earned cash for holidays and weekend breaks, rather than for future family financial security.
Despite facing leaner times amid tax rises and frozen salaries, research from ICICI shows that only a small percent of adults are saving for items such as school fees or planning for a new baby – whilst much larger numbers are saving for holidays and weekend breaks, Christmas, a new car, new clothes and home technology, or a new home/home improvements.
Key findings:
- A whopping 42% admitted to saving for a summer holiday or
weekend break
- Christmas was also significant in terms of prioritising savings -
25% said they were putting money aside for the festive season
- A new home or home improvements came a close third at 24%
- Only 5% of adults surveyed said they were saving for school fees
in 2010
- The same number of adults said they would be saving for a new
baby this year
It seems that holidays are the main priority on savers’ minds, with those in Scotland and the North of the UK being the biggest savers for this purpose, whilst on a city level around Great Britain, Norwich, Leeds and Birmingham are the highest saving cities.
Anubrata Biswas, Head of Retail Banking for ICICI Bank UK comments: “Our findings are encouraging in that they indicate that people are still managing to put money away. Even for short term needs such as holidays and other treats consumers need to make the most of the best available savings offers on the market. Equally it’s important to set some savings aside for emergencies and the longer term, where higher interest rates are available. ICICI offers transparent and consistent asterisk free saving through its HiSAVE product range, which provides great value on both short and long term options.”
The product and services mentioned in this press release are provided by ICICI Bank UK PLC and are subject to terms & conditions (available on http://www.hisave.co.uk and http://www.icicibank.co.uk or at any of our branches) ICICI Bank and the “I man” logo are the trademarks and property of ICICI Bank.
