One in three adults in the UK have stated that they are focusing more on saving, following a shift from a spending mindset, Gatehouse Bank has found.

In a survey of 1,000 UK adults, the Shariah-compliant challenger bank found that 34% of UK adults naturally consider themselves a saver rather than a spender, with 44% saying they viewed saving as an essential outgoing of equivalent importance to their home finance of rent payments.

Furthermore, with an increased focus on savings, one in 10 (11%) said their mindset had shifted in the past 12 months to adopt a greater focus on saving as a result of the current economic climate.

However, the research found that despite the focus on saving, 13.7 million people, which equates to a third of the UK adult population, have less than £1,000 in the bank.

Despite this, nearly three in five (59%) said that they aim to save more on a monthly basis.

Senior product manager at Gatehouse Bank, Ravi Kumar, said: “The research shows a promising rise in the number of UK adults who class themselves as savers, demonstrating that people are actively shifting their mindset, which is really positive.

“In the current high-rate environment, it’s important to continue setting savings goals and putting away some money every month. Even a small amount will ultimately add up and doing so is also important for creating a healthy savings habit.

“We encourage everyone to build this habit and are looking to launch a regular saver product later this year to further help our customers achieve their goals.”

Share Story: