Brits say they are forgoing savings so that they can have fun and live in the moment
Brits are becoming a nation of ‘YOLO’S’ – ‘You Only Live Once’ – and are saving just £300-a-year so they can have fun with the rest of their income, a study has found.
Research by the Royal Mint shows millions of us now throw caution to the wind when it comes to their future finances and put away just £5.70 away per week.
This amounts to around £300 a year for the average adult, or just £600 per household.
According to historical data published by Lloyds Banking Group, that’s three times less than 40 years ago, when the average person managed to set aside around £1,500 every year.
But despite living for the moment, six in ten Brits regret not saving from an early age with many wishing they’d started at the tender age of 16.
The Royal Mint study shows many adults are now wary of investing money, with 60 per cent feeling they don’t have enough cash and a further 43 per cent worrying they would lose what they invested rather than make money.
Another four in ten simply don’t know enough about investing to do anything about it, while 25 per cent felt investments in precious metals such as gold, silver or platinum were ‘not affordable’.
The study also found one fifth of adults prefer investing in possessions rather than putting money in savings.
Unsurprisingly, premium bonds, shares and home refurbishments were the most popular money-making ventures for nearly half of Brits.
Chris Howard, Director of Bullion at The Royal Mint, which carried out the research in conjunction with the extension of its Signature investment product, where people can invest in gold, silver or platinum, said: “With the current and past economic climate, we’re not surprised to see that people are saving less.
‘’At The Royal Mint, we want to make investing in alternative forms simple to understand and easier to do.
“However, our research has found many are scared to invest or don’t know enough about investing.
“It is available to anyone over the age of 16 and from as little as £20, people can start their investment plan early.
‘’The Signature platform makes investing simple, affordable and accessible, so people can invest and continue to save.”
As Brexit uncertainty looms large, nearly half of Brits consider investing in precious metals a rare safe haven – but only one third would even consider doing so.
Brits believe it’s the preserve of the rich and famous, or simply wouldn’t know where to begin.
* Opening an account with The Royal Mint bullion platform takes a matter of minutes, and investors will not be tied down to depositing thousands at once. With 24/7 access, users can trade their precious metals at the right time for them.
** Data taken from Lloyds Banking Group press release : UK household savings rise by 500% in the last 40 years