Press release: CFEB report sheds important light on saving habits in Britain
**16 November 2010 **
Financial capability and saving, published today, uses data collected over 15 years to identify longer-term trends and insights into saving behaviour.
It highlights the scale of the challenge in helping people plan ahead and improve their resilience to financial shocks – around 40% of the population tend to be persistent non-savers. And it finds that financial capability has a large impact on people’s saving, over and above that of their income and independent of their individual and household characteristics. A more financially capable person is more likely to start, and less likely to stop, saving.
By better understanding saving habits we are better placed to influence them and we may be able to use their methods to help and engage non-savers.