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Survey finds people are planning to double their savings this year

Savings and investments look set for a big improvement this year as consumer confidence improves.

The latest wealth tracker index from Alliance & Leicester Savings & Investments shows a marked increase in the amount of money that people plan to put away compared with January 2004.

Based on interviews with 2,000 adults, the survey found that people plan to nearly double their monthly savings from 123 to 232.

Faith in the stockmarket also appears to be improving, with the amount that people plan to invest increasing from just 23 a month to 153.

But the findings also reveal a huge gap between the amounts that men and women plan to invest in the stockmarket. Men expect to invest 32 per cent of their monthly disposable income but the figure for women is just 6 per cent.

Product manager for investments Sarah Ennion says: “It is encouraging to see that people are not only getting into the habit of putting money aside on a monthly basis but are also planning to increase the amounts they save and invest. The upturn of the stockmarket has undoubtedly had a positive effect on confidence.”

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Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

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