Savings accounts could fill up faster if Britons start to set themselves goals, recent research has revealed.
The study, carried out by National Savings & Investments (NS&I), found that people who set regular goals regarding their savings tend to put away over £40 extra a month compared with those who don't. In fact, the method is so successful that 19 per cent of those who give themselves targets manage to set aside over £250 a month.
But on average, savings accounts are being topped up with about £140 a month for those with a goal in mind. This compares to £97.28 for those without a goal.
John Prout, a spokesman for NS&I, observed: “Our research shows that savers who set specific targets stand to reap the rewards. For instance an extra £40 a month saved could cover the cost of insuring your car for a year, or perhaps pay for that very special weekend break.
“Setting a specific objective is a good way to stay motivated, even if it's only a small amount being set aside each month.”
The most popular goal was saving to buy a property, with 41 per cent putting cash away with this in mind. This is an increase from the 35 per cent who were saving for a house last quarter, suggesting that there is a growing level of confidence in the market.
