The research, conducted by YouGov on behalf of Riley, asked over 2,000 households a range of questions about their finances. When asked to select all the things they saved their money for, 55% of respondents said holidays while a further 30% said luxury items, compared with 34% saying retirement and just 28% stating their family’s future.
The survey has also found that 61% of people put most of their money in bank or building society accounts and 9% in property, with just 6% saying that they invested most of their money in a fully diversified portfolio of stocks and shares, property and cash.
Roger Edwards, head of marketing development, said: The survey suggests that most people have quite a short term attitude to saving, preferring to treat themselves with holidays and luxury items rather than put money aside for their own or their family’s financial future. This is supported by the fact that the vast majority prefer to invest in banks and building societies rather than in longer term investments such as the stock market.
