Highest Level of UK Saving Since 2007 as Households Brace for Inflation and Tax Hikes

UK families are placing a greater emphasis on saving right now than they have in nearly two decades, according to a new report.

A survey from GfK found that 34% of people say it's a good time to save money. That's the highest figure since 2007, just before the global financial crisis.

Why the sudden urge to save? Everyday, bills are going up, and there are worries about what the autumn budget might bring. Inflation remains at 3.6%, and although many workers received a pay increase over the last year, households actually have less money to spare after taxes and bills, with incomes dropping by 1% earlier in 2025.

Neil Bellamy from GfK, the group behind the research, said, "The jump in the savings index suggested people are anxious and that those able to put money aside are building contingency funds."

We at MyVoucherCodes say its all about planning ahead. With energy, food and council tax all costing more, people are thinking about how to protect themselves if times get tougher. There's also talk of possible tax rises later this year, making many people cautious.

For many, it means opening a new savings account, using comparison sites to find better interest rates, or simply stashing away a few pounds each week.

Others are making the most of loyalty cards, coupons, and supermarket deals to stretch their budgets.

The last time so many people were this keen to save was just before the last big financial shock. It's a sign that households are paying close attention and want to be prepared just in case.