Poll reveals Britons would rather save than pay back debts
|New research from the people behind the UK’s leading free discount mobile application has revealed that 36% of Britons save a percentage of their earnings every month, half of whom are also in debt. However, 21% of the respondents who were both in debt and saving admitted to prioritizing saving over paying back outstanding debts.|
A new study from the company behind the UK’s leading free discount mobile application has revealed that more than a third of Britons save a percentage of their earnings each month. When these respondents were asked how they currently prioritise their finances, 1 in 5, 21%, prioritise saving over paying back outstanding debts.
The research, by the company behind the MyVoucherCodes mobile phone application, found that of the 1,218 employed Britons polled, 36% save a percentage of their wages every month. Excluding mortgage repayments, 49% of these admitted to having to repay debts each month, as well as saving.
The study found that a fifth of respondents that both save and repay debts monthly, prioritise putting money aside in savings over repaying their debts; whilst a quarter, 24%, said that they would rather dedicate more of their earnings to savings each month than increasing their repayments.
6% of those asked admitted that they thought it was “pointless” saving money when in debt, stating that it would be “sensible to get out of debt in the long run.” In contrast, 18% admitted that they “aren’t concerned” about being in debt.
When those who put money aside were asked to specify the things that saving came before, 9% said that they prioritise saving over paying their ‘gym membership’, whilst 22% focus on saving before paying their ‘mobile phone bill’. 1% state they would prioritise saving money over paying their council tax bill.
Mark Pearson, chairman of MyVoucherCodes.co.uk, commented on the findings:
“I completely encourage saving, as it provides a great sense of security and can prevent people from getting in sticky situations with their finances. However, if a person is in debt, it is their responsibility to get themselves out of it. Although there was a small sample who claimed to not be concerned about living in debt, I am sure they would prefer not to be.”
“Although there is, of course, no problem with having debts, I would recommend people focus a larger percentage of their earnings to paying it back and a smaller amount on savings. Rather than just saving money, consumers are able to save on purchases using our app, as it helps people source discounts from stores in their local vicinity, so you can see where to get the best deals locally.”
MyVoucherCodes Local is the UK’s newest way for local businesses to level the marketing playing field
Local businesses can list themselves on the site, which will enable their location to be shown online and via the MVC Local application.