More than two-thirds of Britons currently have savings in a bank or building society account, a Hali...
More than two-thirds of Britons currently have savings in a bank or building society account, a Halifax survey says.
But despite this, most still seem to be shunning the stockmarket.
The latest survey into attitudes towards saving and investing shows that almost 70% of Brits have money saved in an account.
Overall men are better at saving than women. Age also seems to matter. While 71% of people between the age of 45-54 are saving, fewer than 60% of 18-44 year olds seem to be stocking up towards the future.
Regionally, there are differences to savings behaviour. People living in Scotland are least likely to save, whereas people living in the West, South and Southeast of England are most likely to put away money for a rainy day.
However, while the majority of Britons seem to have a savings account, only one in five save 10% or more of their annual income, while the vast majority save 10% or less. 16% of those questioned also said that they are not saving anything at all.
More worryingly, though, is that many people are avoiding investing their money and could therefore be missing out on the long term returns from equities says Ray Milne, managing director of Halifax Financial Services.
"Savings accounts are still going strong as the mainstay of people's savings habit. But what this survey shows is that many people are missing out on the long term potential for increased growth offered by the stockmarket," he says.
"Everyone should have the safe haven of a savings account but unless you take some of that money and put it into investments other than cash you're potentially losing out over the longer term," Milne adds.
The survey also shows that 32% of Britons do not know how much they should be saving. Of those giving an estimate, more than a third believed that they should save between 11% to 25%.
When it comes to retirement, a third of those surveyed had no idea how much of their monthly income they should be saving in order to receive an adequate pension. And despite the UK "pension crisis", 11% also said that they are not saving anything at all, Halifax adds.
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