Today, Tandem Bank officially launches the first edition of ‘Savetember’, a month-long national campaign tackling the UK savings crisis head-on. The campaign, which will repeat every September, aims to engage those struggling to save and equip them with the right tools and guidance to build a healthy financial habit.
Research commissioned by Tandem suggested men are more likely to feel confident about managing their money. Conversely, the research suggested women are more cautious. Women would rather save for specific short-term goals such as holidays whereas men’s savings goals tend to be longer-term with general financial security and retirement at the forefront. Related to this, Tandem’s data showed men are more likely to hold more in their total savings with 15% of men having saved between £50,000 - £200,000, compared to only 5% of women.
Mobile bankers were the most savvy in their attitude to money with 71% shopping around for the best deals and 66% making sacrifices to better control their financial future. Nearly half of mobile bankers (44%) move their money into savings around once a month, with little variation in amount, hence they are more likely to make larger saving deposits overall.
Other interesting findings suggest younger people, under the age of 34, feel less in control of their financial destiny and tend to save in a low-reward, regular saver or current account. Furthermore, the data suggests that those living in London want and need the most assistance in how to save, reflecting the affordability challenges of life in the capital.
Market reports suggest that savings in the UK are at an all-time low, while credit card spending continues to increase. In 2018, the Money Advice Service reported that 16 million people had less than £100 saved. The Office for National Statistics has also reported that 50% of 22 to 29-year-olds are living with no savings at all. Now, Tandem is challenging the UK to transform its spending and savings habits.
Tandem’s Savetember campaign will offer practical tips and guidance to saving while still being able to live life. Tandem will discuss everything from saving on a date night to saving to buy a home.
Ricky Knox, CEO and co-founder of Tandem, said: “The numbers speak for themselves: too many people rely on credit in emergencies rather than money that has been set aside. It is too easy to bury our heads in the sand, hide our money worries or not act on them. Enough talking about money, let’s take action!”
Ricky Knox, added: “Everyone knows that they should be saving but until you experience the benefit for yourself it’s a difficult habit to start. We want our Tandem community, new and old, to come together throughout September to support each other in their individual savings journey, sharing in successes and supporting each other through the challenges. A savings habit can really change your life and positively influence others around you to do the same”
For more information on Savetember please visit the Tandem blog at https://tandem.co.uk/blog
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