Sunday 10 December 2017

Saving £1.66 a day 'happiness boom'

Britons said their mood would improve if they could save just a small sum of money each day
Britons said their mood would improve if they could save just a small sum of money each day

Under-pressure Britons would feel happier if they saved just under £1.70 extra a day, a study has suggested.

Nearly two-thirds of those polled (62%) wished they could put aside more cash and almost a third (30%) said their mood would improve if they saved an extra £50 each month, equating to around £1.66 a day, found research by Treasury-backed financial provider NS&I.

More than one in 10 (12%) said their spirits would be lifted if they could manage to put just £30 more away each month.

High living costs and tough employment conditions have piled the pressure on to squeezed households' budgets.

While inflation hit its lowest level for nearly three years in September, experts have predicted that energy bills, combined with rising food and petrol costs, will ramp the cost of living back up again.

Even for those who can afford to put money aside, the vast majority of savings accounts are still failing to keep pace with inflation.

Comparison website Moneyfacts said earlier this week that £10,000 invested five years ago would have the spending power of just £8,902 today, allowing for average interest and tax.

The NS&I study of more than 2,400 people across Britain found that £90 a month is the average amount that people are managing to save.

John Prout, retail customer director of NS&I, said: "For people who aren't satisfied with their savings, it doesn't require big changes to lay aside an extra £1.66 each day.

"It can be as simple as walking short distances rather than taking the bus."

Press Association

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