Most Brits don’t get serious about putting money aside into a savings account until they reach age 25, according to a study by National Savings and Investments (NS&I).
Research by the savings provider found more than a fifth (22%) of UK consumers don’t start setting aside money until after their 30th birthday, while a further 13% fail to start saving until they hit 40.
Nearly one in seven (15%) confessed to never saving anything.
Money for a holiday is biggest motivator for people to start saving, with 67% of women citing this as what kick-started their savings habit.
Planning for the future is the next most important concern, cited by 60% of men as they key reason they started saving.
“It’s great to see that most Britons started to save seriously in their mid-twenties,” said John Prout, NS&I savings spokesperson.
“And for those who have not yet developed the habit it is not too late to start.”