Get into the savings habit to enhance your wellbeing
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Get into the savings habit to enhance your wellbeing
A report from UK Savings Week shows that having a savings habit improves wellbeing.
Savers on the lowest incomes were found to benefit the most from regularly putting money aside, with 53% of this group reporting that they are satisfied with their life. However, only 40% of low-income non-savers could say the same13.
Interestingly, low-income savers had similar satisfaction levels to those on much higher incomes who were not regularly saving. This highlights that, no matter how much money you are saving, it is an important action which boosts wellbeing – it helps savers to feel positive about the future and feel financially protected against unexpected events.
Andrew Gall, Head of Savings at the Building Societies Association, commented, “The UK Savings Week campaign encourages organisations to promote the benefits of having and actively managing savings. Its overarching aim is to help individuals build their financial resilience and make their savings work as hard as possible for them.”
13UK Savings Week, 2024
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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