Summarised by Centrist
A recent report by Bristol University suggests that saving money regularly, even in small amounts, can significantly improve sleep and overall well-being.
The study found that regular savers, particularly those with low incomes, experienced life satisfaction levels comparable to wealthier non-savers.
Despite the challenges posed by rising bills and food prices, setting aside even a modest sum each month can enhance financial resilience and reduce anxiety about money.
Overall, even small savings can lead to significant improvements in mental and financial well-being. All this means better sleep for savers.
The Personal Finance Research Centre at Bristol University revealed that regular saving helps individuals feel more optimistic about the future and better prepared for unexpected events.
The research notes that a quarter of UK adults have savings of less than GBP£100 (NZD$210), reinforcing the importance of developing a savings habit.
While interest rates on savings accounts have improved, they are expected to decline with potential rate cuts. Despite this, Andrew Gall from the Building Societies Association advocates for the benefits of saving and encourages everyone to save what they can.
The report suggests providers make savings accounts simple and flexible with incentives to encourage more people to save.
