An expert has shared that Brits are averagely hoping to save £4000 in savings this year with some using their pension money.
The survey conducted by Moneyfactscompare.co.uk explored the savings goals Brits have for 2025.
It found that 40% of Brits plan to save by setting aside money from work or pensions.
Many Brits will be setting financial resolutions and looking to tighten their budgets as we kick off the new year.
Moneyfactscompare.co.uk surveyed 2,000 people across the UK to uncover savings goals and how they plan to achieve them.
The data revealed a quarter of respondents aren’t sure how much money they want to save this year. However, the average amount Britons overall hope to save is £4772.
A huge 40% of Brits say they will be putting money aside from work and pensions while 30% say they will be cutting back on expenses.
Just 21% said they will be investing their money while 16% plan to start a new side hustle.
The research found that Brits are saving for a range of things with 31% of respondents aiming to build up general savings, followed by 11% who are saving for travelling and 10% who are building an emergency fund.
Alongside this, 10% are saving for retirement, 7% are saving for buying a house and 12% of respondents were not sure what they are saving for.
The age group of 55 and over stands out as the least likely to plan for savings, with nearly a quarter (23%) reporting no savings goals and 69% uncertain about their targets.
For those who are saving, retirement is the primary objective (28%).
For those aged 45-54, the strategy is clear: cutting back on spending is the preferred path to meet their goals, with 38% committed to this approach.
Rachel Springall, Finance Expert at Moneyfactcompare.co.uk, provided four tips on how you can maximise savings for the year ahead.
Take stock of your current situation
Review your bank statements to track regular income and expenses, helping you set a realistic monthly savings goal.
Identify your savings goals
Set a specific savings target can keep you on track, and dividing it by your monthly savings amount gives a rough timeline for reaching your goal.
Choose the right account for your needs
There are various savings accounts to suit different needs: easy access accounts offer flexibility for frequent deposits and withdrawals but pay variable interest rates which can change with little notice.
Consider multiple accounts
You can hold multiple accounts, allowing you to allocate funds for different goals, for instance, using an easy access account to build an emergency fund and preserve longer-term savings elsewhere.
