A poll has found that people get a rush from setting aside cash – and it doesn’t take much to feel the thrill
Two thirds of savers experience a rush from setting money aside – with as little as £30 delivering the excitement. A survey of 2,000 adults discovered 43 per cent of those with savings succeed in stashing away cash each month, whilst 16 per cent manage to do so weekly.
Looking back on their achievements, 88 per cent of adults have reached a target they established, leaving them feeling content, empowered and delighted. And 40 per cent view any sum of money saved, whether large or small, as a triumph, with as little as £1-£30 deposited into their savings providing a third with a buzz.
Seven in ten adults who have previously saved stated that building up money gradually and frequently delivers them pleasure, whilst 46 per cent consider financial wellness equally crucial as physical or mental health.
Among those who save most months, contributing to their pot regularly makes them feel more accountable, assists in lowering anxiety and increases anticipation for what lies ahead.
Ross Borkett, banking director at Post Office, which commissioned the research, said: “The concept of financial wellness is a growing trend. We’re seeing more and more people take a holistic approach to managing their money, with a big focus on the mental and emotional benefits of saving – not just the financial.
“This feeling is fuelling movements like ‘no spend weeks’ or small lifestyle changes, such as cutting down on takeaway coffees or limiting subscription services, in order to save money in the long run and work towards a savings goal.
“We understand that everyone has different savings goals; whether you’re looking to save for a big life event, put some money aside to treat yourself throughout the year, or set up regular savings habits.”
The study also discovered that 64 per cent of savers are motivated by planning for their future, while 57 per cent stash cash away for emergencies. Those with grander ambitions have retirement, home improvements and travel plans high on their wish list.
To achieve their savings targets – no matter how large or small – some have adopted frugal habits such as dodging takeaways, purchasing second-hand items and choosing supermarket own or ‘budget’ brands.
Seeing their savings balance slowly grow and the desire to indulge themselves guilt-free encourages people to squirrel money away.
Interestingly, it appears that the younger generation is setting the pace in terms of financial savvy, with 64 per cent of Gen Zs keen to cultivate a habit of saving more than any other age group.
Alongside having no spend days and meal planning, a third of Gen Z choose to save little and often for things they want rather than splurging impulsively, according to figures from OnePoll.com..
A whopping nine out of ten of this age group who save for big ticket items confessed they feel a greater sense of satisfaction when finally making their purchase than when making impulsive smaller buys.
Brit Grosskopf, professor of economics at The University of Exeter, said: “Attitudes toward savings are undergoing a cultural shift, with many now finding emotional reward in the habit.
“While all age groups value saving, Gen Z is leading the charge by making it more visible, social, and even trendy.
“They’re focused on saving little and often, celebrating milestones along the way, while older generations typically save for emergencies and peace of mind.
“As saving becomes more aspirational, younger people are redefining what it means to be financially responsible.”