Nearly half of UK adults find it easier to save with partners and family members

New research from St. James’s Place (SJP) has revealed that saving with other people is one of the strongest motivators for building better financial habits, particularly among younger generations.

According to the study, nearly half (47 per cent) of UK adults find it easier to save when working towards a shared goal with a partner or family member. This rises to 64 per cent (9.7 million people) for 18–34-year-olds. Nearly nine in 10 (87 per cent) savers working towards a specific goal say it acts as a major motivator, while two in three (63 per cent) believe it has helped them build stronger saving and investing habits.

The research also found that although social media can inspire financial action, its influence can be fleeting. Over half (55 per cent) of people say they’ve encountered goal-based saving challenges online – such as “no-spend” months or 52-week savings challenges. However, fewer than one in 10 (nine per cent) find them genuinely motivating and a similar proportion (nine per cent) say the challenges provide ideas but don’t change their habits. Younger audiences are slightly more receptive: 16 per cent of 18–34-year-olds say such challenges do motivate them.

The findings show that young adults focus more on immediate financial milestones than longer-term security. One in five (22 per cent) Gen Z savers (18-27-year-olds) are currently saving for retirement, compared with 63 per cent of Gen X savers (those aged between 44-59). Instead, short-term goals such as travel (33 per cent), home deposits (30 per cent) and large purchases, such as a car (21 per cent) top the list of financial priorities among Gen Z. 

Professional advice is playing a defining role in shaping purposeful saving, according to the study. Those receiving advice are more than twice as likely to have a comprehensive financial plan with timelines and life goals (68 per cent compared with 32 per cent) and twice as likely to be working towards a specific goal (37 per cent compared with 16 per cent).

Professional advice is also a key differentiator in people’s progress towards their goals, with eight in 10 (85 per cent) of those receiving ongoing advice on track or ahead of their savings and investment targets – compared with six in 10 (64 per cent) of those without. Over eight in 10 (85 per cent) advised individuals say that their spending, saving and investing are aligned with their life aspirations – compared with 60 per cent of those unadvised.

Commenting on the study, Claire Trott, head of advice at St. James’s Place, said: “Saving is often seen as a solitary exercise, but our research shows that shared goals can be far more powerful. Younger generations, in particular, are motivated by doing things together – whether that’s saving for a home, travelling or building financial security with a partner. Turning that shared motivation into long-term planning is the next big challenge.

“While social media can be a useful ‘playground’ to spark ideas, and shared goals can help keep people motivated, advice and structure is key. Setting clear goals and building a plan, with the right professional support, is what can help turn good intentions into real financial confidence.”

www.sjp.co.uk

Pictured: Claire Trott