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NS&I: financial goals make a big difference to savings

According to new data from NS&I’s Savings Survey, UK savers who set themselves goals are likely to save 44% (£42.50) more each month than those without a savings objective. That constitutes an additional £500 over a full year.

On average, Britons with regular savings goals are managing to set aside £139.79 each month compared with £97.28 for those without a goal.

Almost a fifth (19%) of people with a savings goal set aside more than £250 each month compared with just 9% of those without savings goals.

NS&I savings spokesperson, John Prout, said: “Our research shows that savers who set specific targets stand to reap the rewards.

“For instance, an extra £40 a month saved could cover the cost of insuring your car for a year, or perhaps pay for that very special weekend break.

“Setting a specific objective is a good way to stay motivated, even if it’s only a small amount being set aside each month.”

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