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Friday, September 20, 2019

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Tandem Bank launches ‘Savetember’ in bid to tackle UK savings crisis

Sam Monk | 16:13 Monday 2nd September 2019

Tandem Bank has launched ‘Savetember’ — a month-long national campaign which aims to tackle the UK savings crisis.

Repeating every September, the initiative intends to equip those struggling to save with the correct tools to build healthy financial habits.

Just under a fifth of men (15%) have saved between £50,000 and £200,000, compared with only 5% of women, according to data from the specialist bank.

Other highlights included:

  • men were more likely to feel confident about managing their money compared with women
  • women preferred to save for specific short-term goals, whereas men preferred to save for the longer term
  • 71% of mobile bankers shopped around for the best deals and 66% made sacrifices to better control their financial future
  • 44% of mobile bankers moved their money into savings around once a month
     

Ricky Knox, co-founder and CEO at Tandem (pictured above), said: “The numbers speak for themselves; too many people rely on credit in emergencies rather than money that has been set aside.

“It is too easy to bury our heads in the sand, hide our money worries or not act on them. 

“Enough talking about money, let’s take action!”

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