Holidays, home improvements and debt repayments are the top three destinations for people’s savings in 2024, a survey for a building society suggests.
But with living costs still swallowing up incomes, half (50%) of people are saving less each month than they did before the cost-of-living crisis, the research among 2,000 people for Nationwide Building Society found.
More than a third (35%) of savers in the research are putting money aside for a holiday.
A fifth (20%) want to make home improvements and 17% want to clear debts.
Just over a fifth (21%) of savers were not putting their money aside for a particular purpose.
Nearly three in 10 (29%) people have not reviewed interest rates on their savings accounts in the last two to six months and nearly a quarter (23%) have never compared rates on savings accounts, according to the survey carried out by Censuswide in February.
Nationwide has a SavingsWatch service which informs customers when a better rate or new product comes out.
Last year, the Financial Conduct Authority (FCA) introduced a new consumer duty, requiring financial firms to…
