Brits keep quiet about their savings

More than a third of Brits are saving money but don’t like to discuss it with their family and friends, research has revealed.

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Research by Post Office Savings has revealed that as many as 17 million of us are ‘silent savers’ – putting money aside but reluctant to tell friends or family.

Of these ‘silent savers’, almost one in five say they keep their saving habits private because they are worried their friends or family might ask for a loan.

This figure rises to almost a third in the capital, as it seems that Londoners are even more reluctant to lend money to friends or family.

“While most think money matters are private, it seems savers feel they have to tip toe around their family and friends so as not to hurt their feelings or worse still, feel pressured to lend them money,” said Richard Norman, director of savings and investments at Post Office.

It was found that more than a quarter of silent savers don’t like to divulge their saving habits simply because they haven’t saved a sufficient amount.

But the majority of people said they do not tell people how much they save because they feel money is a private matter. Encouragingly, the research found that as many as 40% of people try to save regularly, while 36% save money where they can.

“It is encouraging to see people are trying to save money when they can. Times are tough and even if people can’t put money away diligently every month, trying to save any disposable income for the future is a good idea,” added Mr Norman.

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