Your IndustryAug 17 2017

Money saving deals beat actual saving

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Money saving deals beat actual saving

Consumers are concentrating on discounts and deals rather than putting money away for a rainy day, according to a survey.

Just 22 per cent of people think saving is easier than spending wisely, the survey in June of 2,000 adults by TopCashback found.

The findings also suggested many people do not make a distinction between two meanings of the word 'saving' -  putting money into a bank account versus saving money through discounts and deals.

Three quarters of those polled consider themselves to be savers, but only 39 per cent put money away regularly into a bank account.

“It is likely people are spending wisely to make ends meet, making it tricky to put away any leftover cash," Adam Bullock, UK director of TopCashback, said.

"But, if people aren’t putting this money aside into a savings account, the efforts of spending wisely will not have an impact on actual savings and the need to make ends meet each month will only continue."

The study showed more than half of people look for deals and discounts every time they shop, and a third believe that being savvy with spending is more important than saving regularly.

The research also showed more than two-fifths (41 per cent) of people find it easier to spend well rather than save compared to just 22 per cent who believe the opposite.  

Mr Bullock added: “Although spending wisely can seem like the easy option to take control over your finances, it’s important consumers try to put away what they can into a savings account regularly."