Chris Henderson, Save and Pay Director at Tesco Bank, comments: “Getting into a savings mindset is good practice. It helps keep us focused on our financial goals and what we’re spending our money on. It’s important to remember that everyone will have different savings goals in place at different moments in life. So, people need to make sure they keep focused on their own goals and try not to compare themselves to others.
“Whether you’re saving for the short or long-term, having a structure in place which considers the cost of your goal, and how long it might take to get there, can help you feel more in control of our finances.”
What are people saving towards?
Two in five (39%) Brits are currently more focused on building their long-term savings compared to 17% who are prioritising their short-term savings, Tesco Bank research shows.
| Long-term savings goals | Percentage of consumers putting money away |
| Retirement | 43% |
| Long-term security | 41% |
| Emergency fund | 34% |
| Go travelling | 20% |
| Buy a house | 19% |
| Buy a car | 10% |
Some savers are currently more focused on their short-term goals, with the aim of using their savings within the next year.
| Short-term savings goals | Percentage of consumers putting money away |
| Holiday / travelling | 36% |
| Emergency fund | 36% |
| Cover immediate financial needs | 26% |
| Dip into for treats (e.g. days out / shopping) | 18% |
| Pay off a debt | 17% |
| Events / celebrations in the next year | 17% |
Chris shares his top tips to help boost your savings:
- Set up a monthly booster
Setting up a monthly transfer from your current account to your savings account will help you to stay on track. This helps earmark money for savings, so you don’t spend it elsewhere. A good time to do this is right after you’ve been paid, so you could set up a standing order to go out on, or just after pay day. Whenever you spend less than you think, consider putting the extra money straight into your savings pot, as that’ll help you reach your target faster.
- Take stock of your subscriptions
An undisciplined approach to subscriptions and memberships is a sure-fire way to spend needlessly. You might want to keep a spending diary to help you track what money you have coming in, and what you spend it on each month. Look out for opportunities to slim down subscriptions like streaming services or unused gym memberships.
- Consider fixed rate savings
If you have a lump-sum of savings and don’t need immediate access to them, it’s worth considering a fixed rate savings product. Fixed rate savings tend to offer higher rates than an instant access account and can help protect your savings if interest rates fall as you’ll be guaranteed interest for a set time-period. You can also choose for how long you want to keep your money tucked away, whether 1, 2, or even up to 5 years, which could align with a long-term savings goal nicely. It is important to note though that this money normally won’t be accessible until the end of the fixed term, so you’ll need to be sure you won’t need to access it early!
Methodology
Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,000 UK adults (aged 18+). Fieldwork was undertaken 6th and 9th May 2025. All data has been weighted to be representative of the UK population.
The post UK Savings Week: How Brits are saving – and how you can, too! appeared first on USNewsRank.
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