UK Savings Week
There's still time to get involved. Take the savings challenge or simply find tips and guidance for making your savings work harder.
Earlier this year, we were proud to support UK Savings Week, in association with the Building Societies Association.
UK Savings Week was launched in 2022 by the Building Societies Association (BSA) - the body that helps us to represent the 26 million building society members in the UK to politicians and regulators.
This year UK Savings Week was bigger and better, with building societies, credit unions, charities and consumer groups all coming together to promote the benefits of saving.
But saving is important throughout the year, not just for one week. You can still get involved and take the savings challenge, or simply find some great tips for making your savings work harder.
Types of savings accounts
Knowing what type of savings accounts are available will help you know which one is right for you.
Why do we need to save?
Financial resilience is important. As recent events have shown more than once, we never know what’s around the corner. Having some savings put aside can be a hugely reassuring safety net to fall back on.
According to the BSA’s research, 15% of the population have no savings at all*, yet, despite the backdrop of the cost-of-living crisis, 36% of adults with no savings are confident they could start a regular savings habit, putting aside at least £10 a month*.
Make the most of what you have
Despite the recent rise in interest rates, 34% of UK savers hold most of their savings in a current account*, where interest rates are usually low. Shopping around can make a big difference to your returns.
*Research conducted by Opinium on behalf of the Building Societies Association between 21 June and 27 June 2023, with a nationally representative sample of 2,000 UK adults.
Take the savings challenge
This year, UK Savings Week challenged people to #takethesavingschallenge
There's still time to get involved! Saving even the smallest amount on a regular basis can all add up and help you to reach your goal.
- Set a goal – review your finances and set a target amount to save each month
- Make it a habit – set up regular payment into your savings
- Reward yourself – rewards are crucial to help you stay motivated. Sign up for monthly tips and exclusive lifestyle content from well known ambassadors including Olympian Max Whitlock and Great British Bake Off star, Benjamina Ebuehi.
Our savings calculator can help you work out how much you need to put away each month to reach your goal, or how long it might take you.
What do you want to calculate?
Some of our useful resources
We have a range of money guides for adults and children to help whatever lifestage you're at.
Money guides for children
Money habits are formed from as young as age seven, yet only 48% of 7–17-year-olds receive financial education at home or in school in the UK.
This #uksavingsweek help your child build the skills and confidence to manage their own money with our free money guides for ages 5-18.
From learning what money is, to how to save and budget and the different ways of borrowing, our useful guides can help your children or grandchildren learn to handle money with confidence.
Helpful money guides
From looking after your money to planning for future life events, our useful guides can help and support you along the way.
- Different types of savings accounts
- Planning your finances and budgeting
- Borrowing and debt
- Raising children and saving for their future
- Higher education
- Extra support managing your finances
Find out more and reward yourself
Rewards don't need to cost a lot or be complicated, but they are crucial at keeping you motivated. Think about how you'll treat yourself on a regular basis to make saving a genuinely happy habit.
Sign up to monthly tips as well as free and exclusive lifestyle content from the UK Savings Week ambassadors including Olympian Max Whitlock and Great British Bake Off star Benjamina Ebuehi.
It's ok if you're not ready to save
With the current cost-of-living crisis, you, or your friends and family, might not be in a position to save right now.
We understand that there are times when we all need a little extra help and support for whatever reason, and sometimes we need to use our money in a different way from how we'd planned.