12 per cent of adults in the East of England have no savings at all

Research for UK Savings Week, which runs from today, September 22 through to Sunday, exposes a worrying glimpse of the nation’s savings habits.

In the East of England, more than one in ten (12 per cent) of adults have no savings at all and a quarter (25pc) have less than £1,000 tucked away.

Nationally, people save £282 a month on average, with those aged 25-44 saving the most on a regular basis.

In the East of England, the average is significantly lower, at £230.

Where people choose to hold their savings is also raising concerns.

A fifth of people in the East (21pc) use their current account, meaning they don’t earn any interest.

Nationally, this is particularly common among 25 to 34 year olds (41pc), more than double the proportion of those aged over 55 years (16pc).

This decision is hitting savers in their wallets, as they’re missing out on interest payments that could help with bills, holidays or building a rainy day fund.

To help build better savings habits, Suffolk Building Society is inviting members to join the UK Savings Week Competition – a fun, app-based challenge run with the Building Societies Association and fintech partner Doshi.

Society members can compete nationally via the app, completing short lessons, quizzes, and challenges to earn points.

The top 20 scorers on the live national leaderboard will win Amazon gift vouchers.

Richard Norrington, CEO at the Suffolk Building Society, said: “Across Suffolk and the East of England, we’re facing the same challenge as the rest of the UK.

“Many people simply have little or no savings to fall back on. However, our message to everyone is even the smallest change can lead to big improvements.

“Studies suggest that 78pc of people in the East of England think they could put aside an extra £10 each month.

“This is a great place to start. Building a savings habit can start with a simple change. Even a small financial cushion can make all the difference when life throws something unexpected your way.

“It’s also concerning that large sums of money remain in accounts that earn no interest at all.

“Moving unused funds from a current account to one with a better rate is a simple step that could add hundreds of pounds a year — without saving a penny more month-to-month.

“UK Savings Week is an opportunity to take stock and make a change.

“We’re hoping the Doshi app, which we’re offering our members access to as part of UK Savings Week, will inspire people to review their savings habits and see how they can get their savings to work harder for them.”