Britons have resolved to save more money in 2008 than they did in 2007, it has been suggested. Nearly 50 per cent of respondents to a survey conducted by Nationwide said they plan to put away more money during the course of 2008 rather than splashing the cash and not saving for a rainy day - which they had been wont to do last year.
Some 48 per cent admitted they want to save more money in 2008. Indeed, for 26 per cent of men and 24 per cent of women saving money was at the top of their priority list - and with good reason. With rising fuel prices and interest rates, saving for a rainy day has become even more pertinent.
The 18 to 24-year-old age group were found to be the ones most worried about their savings, with 65 per cent saying they want to up their savings levels. One in three over-55s who already save money said they would like to increase how much they put away over the course of 2008, the survey by Nationwide revealed.
The survey also revealed a number of other money worries that Britons hope to rectify. As well as saving more money or starting to save money, consumers also pledged to find a better-paying savings account, while some said they would get rid of their unwanted credit cards. Many of these would-be savers may choose to make life easier by opting for an internet savings account.
In order to save more money, five per cent said they would sort out their television, phone, mobile and broadband deals, with a number also saying they plan to sort out their financial paperwork. Finding a better mortgage deal and getting a current account that pays interest were also among their top ten priorities.
More people have started to think about their financial wellbeing in the wake of the recent economic climate, which has seen households having to fork out more of their hard-earned cash over the past few months. The situation has made it easy to see why saving more in 2008 is at the top of Britons' list of things to do.
In order to make the most of their savings, Britons should also make sure they utilise their annual tax-free allowance and make sure they make monthly contributions to a regular saving account. They should also look for an account which offers long-term good value and consider a notice account to avoid regularly raiding the savings account.
Disclaimer
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.