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Banks have made spending so easy. But what about saving?

Collectively we’re spending more than our incomes and our savings are at a record low.

There are some obvious reasons for this, like rising prices and flatlining salaries. But is there something else invisibly affecting this?

Think about this. How often do you see a promotion from a bank about some reward or the other linked to your spending? Almost every day right? One offers you cashback for shopping or setting up direct debits, while another gives you discounts and loyalty points for using its card. They’ve even made spending effortless. Thanks to all the smart tech now, we can part with our money or get credit with just a click or a beep.

That’s all well and good… but now consider this. When was the last time your bank offered any incentive to encourage you to save? Or built something innovative to make saving easier? Not much comes to mind, does it? Instead, they pay really low interest rates making saving even more demotivating.

While banks have invested in many cool ideas to make spending easy and exciting, they simply haven’t done the same for saving. Even though that’s what we need most help with. This naturally has had an impact on our everyday financial behaviour.

Isn’t it time to change the balance? And make saving as easy and as rewarding as spending?

Sources:

https://www.theguardian.com/money/2017/mar/31/uk-households-savings-fall-record-low-warning-sign-economy

https://www.independent.co.uk/news/business/analysis-and-features/uk-households-spending-income-borrowing-saving-economy-gdp-a8464731.html

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