UK Savings Week: top tips
Earlier this year, the FCA Financial Lives Survey revealed that 10% of people in the UK had no cash savings at all, while another 21% had less than £1,000 put aside.
Against the backdrop of rising costs and financial uncertainty, UK Savings Week is a timely reminder of the importance of building financial resilience.
Throughout the week, we explored the blockers, benefits and practical steps to saving more. Here’s a round-up of our key takeaways.
What’s stopping people in the UK from saving?
Saving sounds simple, but for many households it feels out of reach. Some of the most common barriers include:
Rising costs – food, mortgage/rent, fuel and bills eating up disposable income
Debt – repayments on credit cards, loans, BNPL and overdrafts leave little room to save
Low, no or unstable income – wages not keeping pace with living costs, irregular work or job losses
Procrastination and headspace – day-to-day pressures push saving further down the list
Lack of support – many haven’t been given the tools or confidence to start
Overwhelm and trust – too many options, jargon and fear of choosing wrong
Playing catch-up – unexpected emergencies, house repairs, vet bills, or expensive family holidays
System design – it’s often easier to borrow than to save
Temptation everywhere – social pressure and one-click spending make saving harder
Competing priorities – caring responsibilities or simply trying to find joy in life right now
Our community on LinkedIn also added that:
11. Misinformation from, and trust in, financial services
12. Phrase like ‘you can’t take it with you’ and ‘live for today as tomorrow isn’t promised’ that many will use to justify their spending over their saving.
Tackling the jargon: making savings simple
Sometimes, what stops people saving is not just money: it’s the language. Financial jargon can feel like a barrier in itself. Here are a few key terms explained simply:
Interest: The money a bank pays you, usually as a % of your balance.
Compound interest: Interest on your interest, helping your money grow faster.
AER (Annual Equivalent Rate): The % interest you’d earn in a year, taking compounding into account, making it easier to compare products.
Fixed rate/term account: You agree to leave your money in for a set period, often earning a higher interest rate.
Cash ISA: A savings account where you don’t pay tax on the interest you earn.
Personal Savings Allowance: The amount of savings interest you can earn tax-free outside an ISA.
Our community on LinkedIn also added:
ISA transfer
Lifetime ISA
Variable
Deposit and withdrawal
What can employers do to help staff save?
Employers can play a huge role in supporting financial wellbeing. Practical steps include:
Payroll savings schemes – make saving automatic by deducting straight from pay.
Employee benefits – discounts, budgeting tools, salary exchange and flexible pay options.
Money First Aiders – trained colleagues who can listen and signpost to trusted support.
Financial education – workshops, webinars and e-learning on money habits.
Create space for conversations – encourage open dialogue without stigma, using surveys, ERGs and 1:1s to understand barriers.
Five tips to become a better saver
Here are some practical habits anyone can try:
Use technology – round-up apps, hidden accounts, or savings challenges.
Tap into workplace benefits – from payroll savings to discount schemes.
Save with others – joint goals with partners, friends or colleagues.
Connect to your why – stay motivated by linking saving to what really matters to you.
Check what you’re entitled to – use benefits calculators to see what extra support you could access.
Bonus tip: don’t overlook community-driven options like building societies and credit unions.
Five resources to support your saving journey
If you’re looking to take the next step, these resources can help:
Benefits Calculators: Entitledto and Turn2Us
Our Money First Aid courses: designed to help people feel confident having conversations about money, including saving.
Final thoughts
Building savings isn’t easy in the current climate, but small, consistent steps can make a big difference. Whether it’s through workplace support, tackling financial jargon, or simply connecting to your personal “why,” everyone can find a way to move forward.
At Money First Aid, we believe that supporting financial wellbeing is about giving people the tools, confidence and conversations they need to take action.
