SAVING FOR A SUNNY DAY: A third of Brits are saving for life’s pleasures instead of rainy days

• Attitudes towards savings are shifting, with 30% finding saving money more exciting than it was five years ago.
• Nearly a third of Brits (29%) feel that saving for a "rainy day" is outdated, preferring to save for enjoyable experiences like holidays, new gadgets, or shopping.
• More than a third of Brits adopt a "you can't take it with you" approach, preferring to spend their money while they can.
• 67% of people find it rewarding to spend the money they’ve saved, with 42% taking pride in working hard and saving for something special.

The way we save money is changing, as nearly one third (29 per cent) of Brits feel that a ‘rainy day fund’ is outdated and would rather save money for things to look forward to.

A poll of 2,000 adults, commissioned by the Post Office found that one quarter of Gen-Z and one third (34 per cent) of Millennials are stashing their cash for a getaway abroad.

Financial advisor and content creator Mr MoneyJar, references this to be a ‘saving for a sunny day’.

It also emerged that more than a third (36 per cent) of Brits adopt a "you can't take it with you" approach, preferring to spend their money while they can rather than saving for emergencies.

In fact, 42 per cent feel they work hard for their money and enjoy putting it towards something they really want.

And 34 per cent have a plan in place for how to spend their savings on a big-ticket item - 67 per cent find it rewarding to spend the money they’ve saved.

As well as this, 22 per cent of Gen Z and 34 per cent of Millennials are also putting money aside for unforeseen costs, with this figure rising to 44 per cent of Gen-X and 43 per cent of Baby Boomers.

Sean Morley, Head of Savings at Post Office, which commissioned the research, said: “Attitudes to savings are changing, with more people placing emphasis on saving for the good times rather than for a ‘rainy day’.

“Our findings show that there’s a growing demand to cater for different types of savers - with some wanting to achieve lifetime milestones, and other savings reserved for enjoyment.”

“We recognise that people prefer to save in different ways for different reasons, whether you want to open a savings account in branch or online, we’re committed to making saving accessible for everyone, no matter their goals.”

It emerged 11 per cent of all adults polled want to save up for a memorable experience like a festival, concert or spa day.

And while Millennial savers are the most likely to be working towards a house deposit (22 per cent), they are also commonly saving up for special occasions – such as weddings and stag or hen dos (15 per cent).

In fact, 30 per cent of Brits find saving money more exciting than it was five years ago.

59 per cent of those aged 18 to 24 find excitement in saving money, compared to just 14 per cent of those 65 and over.

Nearly one in three (31 per cent) adults recall being told by their parents how to save money but were given the freedom to decide when to save and spend, with this approach most common among those aged 35 to 44 (37 per cent).

Thinking back to their childhoods, 20 per cent remember being encouraged to save as much as they could but weren’t advised on what they should spend the money on.

The results, which were conducted via OnePoll, also revealed 40 per cent ‘always or often’ manage to hit their savings goals.

57 per cent put their money in a regular savings bank account, while 46 per cent opt for ISAs, and 18 per cent put theirs in schemes like premium bonds.

However, one in five admit they’re not confident in the difference between an ISA and a normal savings account, with Gen Z the least sure about these savings options and those over 65 the most clued up.

Financial advisor and content creator Mr MoneyJar, who has teamed up with Post Office, added: “While saving is essential for financial security, we all work incredibly hard for our money and so it's entirely right that we get to enjoy the fruits of our labour, not just in the future, but in the present too, and spend it on experiences and things we enjoy.

“Money is a tool, and spending money on things that will create positive memories and enjoyable experiences today is just as important as saving for tomorrow, as memories and experiences improve your overall quality of life and encourage personal growth.

"Different types of savings work for different types of people and it’s important to save for things in a balanced way. So absolutely save for that Sunny Day or that special purchase you've always wanted, but make sure to have a separate pot of cash set aside for a Rainy Day as well.

"I welcome the fact that the Post Office is able to cater to different types of savers and for life's many milestones and priorities, rain or shine!"

To find out more, go to: https://www.postoffice.co.uk/savings-accounts

ENDS