The service was first rolled out in the United Kingdom, where 56 percent of all adults put aside a sum every month. There is thus a market for savers. However, over half of the working adult population (57 percent) finds it difficult to reserve a considerable amount. In a survey conducted by Money Advice, it was found that this group has less than one month’s income in savings. Furthermore, 37 percent of adult savers in the United Kingdom have less than 300 pounds in savings.
If you are saving money but are finding it difficult to create a significant buffer, it may be helpful to decide on a goal. Why might you need a certain level of savings? According to Money Advice’s survey, most people in the United Kingdom save money to pay for a holiday (34 percent) or to cover unforeseen expenses (30 percent). People also put money aside ‘just in case’ (18 percent), for a pension (18 percent), for home renovations (16 percent) or to buy a new car (15 percent) or a new house (14 percent).