Third of households ‘saved for emergencies in first three months of 2021’

Saving for emergencies is the most popular reason why working age households are putting money away, a survey has found.

Amid economic uncertainty, around one in three (34%) adults surveyed between January and March were saving for emergencies or a “rainy day” when the money might be needed, Scottish Widows found.

Holidays and travelling were the next most popular reason for saving, with 29% saying they were putting money away for this reason.

And with people having spent more time at home, 22% were saving for home improvements.

A fifth (20%) were putting money away for their retirement, and the same proportion, at 20%, were saving to buy a property.

However, with many people’s incomes having taken a hit during the coronavirus pandemic, one in five households said they were not saving any money during the first three months of 2021.

Some 4,500 people aged 18 to 64 across Britain were surveyed.