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."
(Image credit: Getty Images)
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.
I started at MyVoucherCodes as a Deal Expert, sourcing top deals and discount codes. I combined these skills with my passion for writing to become an Editor, helping readers save money. As a former student and homeowner, I understand the need to budget and provide shopping tips, especially for vegetarian and vegan diets. I've also written for publications like GamesRadar+, The Sun, My Weekly, iPaper and Pick Me Up!
I play video games, write reviews for GameReport in my spare time, and love trying out the latest tech gadgets. I also enjoy DIY projects, having worked in a tool store and renovated my home on a budget.
