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Fantasy vs Reality of saving in the 21st Century
There will be a thousand reasons to spend money, but it can be hard to find one for saving. Are you a fantasist or a realist when it comes to how you save your money? The human race tends to fantasise about aspects of life that they would like to obtain, including money and saving; they may dream of saving and having enough money for their dream car, house, or holiday. Still, reality may not match expectations for several reasons, such as personal, social circumstances, or lack of discipline over expenses and unawareness of the range of best saving strategies. These factors may contribute to not having saving goals, not setting a budget and impulse buying. The circumstances of everyday life can also impact saving, such as unemployment, which causes individuals to rely on government sources such as universal credit, which is on the rise.
As of January 2021, data recorded 6.0 million people on universal credit, a 98% increase from 12th March 2020. There are also 4.9 million households on Universal Credit for monthly periods, covering 12th November 2020, 85% of which received payment. Claims for universal credit between 13th March 2020 and 14th January 2021 was 4.5 million. In the UK, the average savings are £9,633.30, whereas 6.50% have no savings and 25.95% have less than £1,000 in savings. Moreover, if someone becomes redundant, this has a negative impact on their ability to save. According to statistics available on the ONS statistics site, figures show that the rate of redundancies has increased since the start of the pandemic, surpassing the highest rate reached during the 2008-2009 economic crisis. Employment rates during January, March, September and December 2020 decreased to 75.2%.
Having savings to rely upon in case the unexpected happens, such as being made redundant or unanticipated expenditure, is essential. Financial experts suggest putting enough money aside for at least three months of expenses. However, in February 2020, sources found that 39% of adults (20.3m) did not have enough money to cover three months if they were to suffer the loss of their primary source of income.
Tips: The saving journey can be enlightening when you take the proper steps forward. Before starting your saving journey, create a plan of what you would like to save for, how much you would like to keep, how often you want to place money into your savings account, which banks and financial institutes you would like to entrust with your money. As the saying goes, “not everything that glitters is gold”, so one needs to be really careful while choosing the best rewarding product.
There may be some obstacles that could make saving more difficult. Still, there is always light at the end of the tunnel as organisations such as IntelliSaving equips individuals with a platform that will help them save more efficiently. In my opinion, the best way to prepare for the future is to save money regardless of the amount; it will always add up if persons are consistent with their saving habits. IntelliSaving not only provides a market view of the best available rates but also helps keep track of all your savings on a single platform. It also provides a personalised portfolio of your savings so one can keep a strategic control of their savings and its growth. Start saving today; it is time to make some of those dreams a reality.
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