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Only 55% of adults make regular savings

Alex Lynn | 10:34 Friday 26th May 2017

Adults are more likely to make regular savings in a piggy bank than in a bank or building society account, according to new research.

A survey published by GoCompare Money found that just 26.9m UK adults make regular savings in a bank or building society, compared with 35.7m in a piggy bank or coin jar.

When asked why they collected cash in this way at home, 12% said they thought it was a waste of time putting money into a savings account due to low interest rates.

The nation's piggy banks and coin jars now contain an estimated £1.5bn of loose change and notes.

“While we might be moving closer to a cashless society, it seems that the humble piggy bank is still the first point of call for many people,” said Matt Sanders from GoCompare Money.

“Coin jar savings can quickly add up.

“So, if you're one of those people who find that you're regularly building up a reasonable sum of money in your coin jar it would be worth considering a more formal savings arrangement.

“Rather than wallowing in your piggy bank, your cash will work harder for you in a savings account or interest-paying current account.”

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