HSBC have launched a new savings feature to help customers identify, plan and manage their savings goals. This new feature on the HSBC mobile banking app is designed to help customers develop a healthy savings habit.
Just under half of young savers put away at least 20% of their monthly income, compared to just 12% of 45- to 54-year-old, a recent survey from HSBC UK has revealed. The survey of over 2,000 Brits aimed to understand their saving goals and habits.
The survey results also showed 23% of Brits put aside some money from their salary as soon as they are paid with Gen Z being the biggest savers with 48% putting away at least 20% of their monthly income. In comparison, only 12% of 45-54 year olds put aside savings from their monthly income.
The results also revealed that 20% of the Gen Z population are currently saving for a house deposit and 20% of 16-24 year olds have an easy access cash ISA.
UK’s top savings goals
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Emergency fund
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Travel
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To support their family
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Home improvements
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New car
“Saving money can be easier when you have a goal in mind. With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis. This is another step forward in helping our customers build great savings habits and achieve financial resilience.
“Before opening a savings account, we always recommend you review your budget so you know how much you can afford to lock away and for how long.”
