Finances can be hard to keep tabs on, especially against the constant onslaught of both covert and overt advertising, as well as a pesky little thing called the cost of living. According to our recent survey, over 20% of twenty-somethings feel that their finances are unmanageable, with only 12.6% saying that they are in control of their money.
What’s more, over 56% of Brits don’t put any money into savings each month. And of that 56%, those who did just end up taking the money back out again. Something we like to call un-saving. A non-specific example of un-saving might be, ‘I just un-saved a month’s rent on a Mid-Century Ladderax unit I found on eBay at 2am.’
It’s hardly surprising that saving proves difficult, given the cost of living (especially in London) almost outweighs people’s salaries. The growing imbalance of income and outgoings means that even those with the best intentions are struggling to set money aside for the future - 81% of people surveyed don’t put money into a savings account because they simply can’t afford it.
On average, those surveyed who do save put away £204 a month, with men saving a fair bit more than women (£245 compared to £181). This number is a smidge shy of the average £276 a month spent on stuff like clothes, eating out, gym memberships, and toiletries.
When you factor in all potential monthly costs such as video/music streaming subscriptions, phone contracts, utility bills, rent and food, most of us find there isn’t much left over. This tends to affect younger generations the most, who can feel overwhelmed when it comes to budgeting in today’s economic climate.
In a move we hope is helpful but could prove to be wholly ironic, we’ve released three different fixed savers - because we all know there is no one-size-fits-all when it comes to money. However, the one thing all three have in common is a guaranteed return on your savings.
If your priority is the future, we’ve got you covered with our 3 year fixed saver, which offers our leading 2.3% interest rate.
Those of us who prefer to live for the moment (a phrase that doubles as a great euphemism for not being able to clamber onto the property ladder) can opt to put something away with our one or two year fixed saving accounts.
For more info head on over to our fixed savers page.
***Tandem surveyed 3,000 UK residents, including 1,000 millennials (aged 20-35), March 2018.
TANDEM IS A TRADING NAME OF TANDEM BANK LIMITED. AUTHORISED BY THE PRUDENTIAL REGULATION AUTHORITY AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY AND PRUDENTIAL REGULATION AUTHORITY.