Saving and investing news

Singletons worst at saving money

21 August, 2007

According to new research by Bradford and Bingley, many over 35s would relish the opportunity to change their lives for the better in some way, whether starting their own business or improving their health.

World at their feet

Unsettled globetrotting urges are not stopping these over 35 year olds from dreaming of future travel plans. With today’s travellers just as likely to be grandparents, established career professionals or retirees, over half desired to travel more or even to work abroad.

And, with a third of today’s grown up gappers aged 50 or over, proving it’s never too late to don your backpack, six per cent of respondents wished they had taken time out to have a gap year or career break.

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Show me the money

With the average person making several career changes throughout their lifetime, it’s no surprise that 30 per cent expressed the desire for a different career, and an ambitious 25 per cent of those surveyed would like to have started their own business.

Despite this, there is a light at the end of the tunnel – money. When asked if there was one change that respondents could make to their lives, money topped the list. Over one in five respondents revealed that their aspiration for ‘financial freedom’ would help make a significant lifestyle change, such as early retirement or a career break, a reality.

Happy families

Reassuringly, the survey revealed a nation wrapped in marital bliss, with the majority of married couples remaining happy with their choice of partner. And, of those hitched respondents, a significant number aspired to a bigger family, with nearly one in five of women in particular saying they would like more children.

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However, a dissatisfied 17 per cent of married people would have married someone different given the chance, rising to one in five women. 15 per cent of married people also wish they’d waited until later in life before heading down the aisle.

Saving for the future

Money remained one of the hottest topics throughout the findings. Encouragingly, 47 per cent of respondents admitted to saving regularly every month, with holidays being the last biggest expense that they saved up for. Cars proved to be the biggest unexpected expense accounting for 24 per cent of recent ‘emergency’ costs, highlighting the importance of having savings in place to cover those surprise ‘what if’ costs. Unforeseen home repairs also resulted in respondents having to dip into their savings.

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Even though the majority of over 35s save regularly, over a third of people wished that they had started saving earlier in life, even though it is never too late to start. Three in 10 admitted that they don’t save at all. Singletons fared the worst at saving, with 38 per cent of single people not saving at all, compared to only 25 per cent of those in their first marriage. Worryingly 16 per cent of divorcees wish they had not relied on their partner to organise the finances during their marriage.

Paul Whitlock, head of Savings at Bradford & Bingley, said: “Over 35s need not despair as there is plenty of time for them to change their lives for the better! Putting money aside and making it work for them means it will be easier for them to realise their dreams.

“By saving regularly – or making the most of their finances by seeking professional advice there is no reason why people can’t set up their own business, travel more or be prepared for that once in a lifetime opportunity that may arise. Our What if…? savings account has been designed with this entirely in mind, enabling people to grow their savings and offering flexibility with its instant access feature allowing savers to react immediately if they decided to make the lifestyle choice they have always dreamed of or enjoy a one-off event that may arise.”