Four in ten Brits would describe themselves as savvy savers - although a further 57 per cent admit they struggle to find the motivation to start putting money aside
One in four Brits don’t see the point in saving at the end of the month – if they’ve only got a few pounds to put away, a study has found. And 12 per cent believe it’s not worth putting anything less than £100 into savings – despite experts advising to start now, and start small.
Victor Trokoudes, founder and CEO of the saving and investment app, said: “If you’ve been putting money away for more than five years, that’s excellent – but not everyone has the same motivation, especially if we’re talking small amounts of money left at the end of the month. But there really is no time like the present – even £20 a month, over the course of just two years, will add up to close to £500, and that’s before any interest.
The study also found only 39 per cent describe themselves as savvy savers, and are slightly better at putting their funds aside for short-term goals than long-term ones. But 27 per cent reckon they’re more likely to spend any available funds left over at the end of the month if they’re not actively saving for a specific goal – and 31 per cent don’t think it’s possible to get a high rate of interest unless you lock your money away for at least a year.
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