The ‘rainy day fund’ is dying out as Brits save for treats instead
Nearly a third of Brits (29 per cent) feel a ‘rainy day fund’ is outdated and would rather save for specific things to look forward to. A poll of 2,000 adults, found 36 per cent adopt a “you can’t take it with you” approach, preferring to spend their cash while they can, rather than putting it aside for emergencies. And 34 per cent have a plan in place for how to spend their savings on a big-ticket item, with 67 per cent finding it rewarding to spend what they’ve saved. While 42 per cent feel they work hard for their money and enjoy putting it towards something they really want, financial advisor and content creator Mr MoneyJar references this to be ‘saving for a sunny day’. More than one in 10 (11 per cent) are planning to put their cash towards a memorable experience like a festival, concert or spa day. Sean Morley, head of savings at Post Office [ which commissioned the research, said: “Attitudes to savings are changing, with more people placing emphasis on saving for the good times rather than for a ‘rainy day’.”
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