Four out of ten people (43%) say that they save money in order to buy something they really want, according to the latest findings from Alliance & Leicester’s Wealth Tracker Index.

The findings also show that saving to secure their financial future motivates 57% of people.

Almost three-quarters of Londoners save for future financial security, but this figure drops to 40% for people in the North of England.

Sarah Ennion, Product Manager for Investments at Alliance & Leicester commented: “It is good to see that people save for something they really want. Even if you can’t manage to save the whole amount, having a substantial deposit for something like a new car could help you get a better deal.”

“It is also encouraging that people are considering their long-term financial security and building nest eggs for their future. It’s a good idea to keep your savings and investments under review to ensure your money is working as hard as possible.”

As part of its quarterly study, Alliance & Leicester’s Wealth Tracker Index asked a GB representative sample of 2,000 people what prompted them to save.

Key findings:

• Financial security is the number one reason people give for saving. The majority of people (57%) claim that they are prompted to save money for the future.
• Saving in order to fund an important purchase was the second greatest reason for putting money away, at 43%.
• Despite UK unemployment dropping to its lowest level in decades – down to just 4.8% in April1 – people are still cautious, with one in ten (11%) claiming job uncertainty triggers them to save.
• 7% of people claim they are jolted into saving when they look at their bank statements.
• 6% of people gave their reason for saving as being frustration at being stuck in a rut and the desire to make changes.
• 4% of people wait for their parents to start nagging them before they save any money. Meanwhile, a further 3% start to save when they feel guilty about their spending.
• 2% of those questioned state that keeping up with the Jones’s and having the same things as their friends pushes them to save, while the same amount (2%) claim that media commentary encourages them to save.

• Londoners are the most concerned for their future security, with almost three quarters (72%) claiming this drives them to save. People in the North of England are the least concerned for future security, with 40% stating this triggers them to save.
• People in the East Midlands, and Yorkshire and Humberside are most likely to want to save when they spot something they really want to buy, at 61% each.
• Over half of those in East Anglia (56%) state that they save so they can have the same things as their friends, whilst just 1% of those in Wales and Yorkshire and Humberside would save for the same reason.
• East Anglians are also the most concerned about their job security, with a quarter of people (25%) saving due to job uncertainty.
• People in Wales are the most likely to save when they assess their bank statements, at 14%.