In partnership with
CUMBERLAND BUILDING SOCIETY
Half of young adults who save, say having money stashed away boosts their financial confidence.
But 36 per cent of adult savers aged 18 to 34 never check their account’s interest rate, and 38 per cent keep their savings in a current account where it’s unlikely to accrue any interest at all, according to a poll for UK Savings Week.
To mark the event, Cumberland Building Society spoke to Cumbrians to hear their savings opinions and advice.
Richard Wise said when his dad gave him, his brother and sister £100 each in a savings account as children, it set them up for life.
“That got the habit going,” he added. “We put money aside when we started to work because Dad explained how the money would compound through to retirement.”
Jean Murray agreed you can never start too young. “If your parents can start you off with an account when you're born it's really good,” she said. “If you have relatives who want to buy a present but don't know what to get, you can pop the money into savings."
Cumberland Building Society has savings accounts for a range of situations, such as Instant ISAs, fixed rates, and Regular Savings accounts which could help you develop positive savings habits.
And with our branch network across the region, you can call in and discuss savings in person or over the phone.
The Cumberland’s Head of Products Chris Cairns said; “Making a start is the key thing. As the saying goes, every journey starts with the first step.”
Chris’s 'First Step' is to decide your saving goals. Do you need a house deposit, or want a car or holiday? Christmas gifts or a savings pot for children? Or an emergency fund to cover unexpected bills or the risk of redundancy?
Second Step: Look at your bank statement and work out what you’re spending each month. Are you buying things you don’t need? Could that money be saved instead?
Perhaps you’re holding surplus cash in your bank account that’s earning no interest?
Third Step: Once you’ve identified money that could be saved, decide where to put it. You can see The Cumberland’s savings account range on our website, where you can also book an appointment to discuss your options with our colleagues.
Chris says; “Once you’ve started your savings journey, and you see your savings grow, hopefully that will motivate you to keep going. You could set aside an hour a month to check your accounts to see whether you’re still saving effectively and that your money is in the right place. And remember, our colleagues are always here to help.”
About the research
Research conducted by Opinium on behalf of the Building Societies Association among 2,000 UK adults aged 18 plus, online between May 19 and 22, 2026. Results have been weighted to be nationally representative.
Share