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A report from UK Savings Week shows that having a regular savings habit can help protect individuals and families from financial shocks, increase their chances of achieving long-term life goals, and generally improve their mental wellbeing.
UK Savings Week, an annual campaign aimed at getting people engaged in the benefits of saving, commissioned the University of Bristol’s Personal Finance Research Centre to look at the role of savings in promoting positive wellbeing.
In the report, which was sponsored by Yorkshire Building Society, the researchers analysed results from a large scale, annual study of the savings habits and behaviours of individuals and households over the last 10 years.
Regular savers are less likely to fall into debt
The analysis showed that consistent savers are less likely to fall into financial hardship. Over the 10 years to 2022, 12% of non-savers had fallen behind with their bills, compared to just 2% of those who managed to save at least every other year.
The results also highlight that non-savers have higher debt-to-income ratios. Those who managed to save in as few as two of the survey years were a third less likely to have debts equivalent to more than 10% of their household income, compared with those who never saved.
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