The research, by the company behind the MyVoucherCodes mobile phone application, found that of the 1,218 employed Britons polled, 36% save a percentage of their wages every month. Excluding mortgage repayments, 49% of these admitted to having to repay debts each month, as well as saving.
The study found that a fifth of respondents that both save and repay debts monthly, prioritise putting money aside in savings over repaying their debts; whilst a quarter, 24%, said that they would rather dedicate more of their earnings to savings each month than increasing their repayments.
6% of those asked admitted that they thought it was “pointless”
When those who put money aside were asked to specify the things that saving came before, 9% said that they prioritise saving over paying their ‘gym membership’, whilst 22% focus on saving before paying their ‘mobile phone bill’. 1% state they would prioritise saving money over paying their council tax bill.
Mark Pearson, chairman of MyVoucherCodes.co.uk, commented on the findings:
“I completely encourage saving, as it provides a great sense of security and can prevent people from getting in sticky situations with their finances. However, if a person is in debt, it is their responsibility to get themselves out of it. Although there was a small sample who claimed to not be concerned about living in debt, I am sure they would prefer not to be.”
“Although there is, of course, no problem with having debts, I would recommend people focus a larger percentage of their earnings to paying it back and a smaller amount on savings. Rather than just saving money, consumers are able to save on purchases using our app, as it helps people source discounts from stores in their local vicinity, so you can see where to get the best deals locally.”
For more information, please contact Charlotte Horsfall of 10 Yetis Public Relations on email@example.com or 01452 348211.
MyVoucherCodes Local is the UK’s newest way for local businesses to level the marketing playing field
Local businesses can list themselves on the site, which will enable their location to be shown online and via the MVC Local application.