Savings help boost wellbeing | YBS
Savings help boost wellbeing
Reading time 3 minutes
At a glance:
Research by Bristol University shows that having a regular savings habit, no matter how small, improves life satisfaction.
People who save regularly feel less anxious about money and will have improved over all wellbeing, being more optomistic about the future, being able to relax and sleep better at night.
Savers are far more likely to have high life satisfaction than a non-saver, regardless of income.
How saving could benefit your well-being
Saving money each month helps people to sleep better and be more optimistic about the future, according to Bristol University research. This study was commissioned by the Building Societies Association (BSA). YBS sponsored this research to see the relationship between saving and wellbeing.
How did the research measure wellbeing?
The academics at Bristol University measured a range of wellbeing factors. These included:
- Satisfaction with life
- Quality of sleep
- Optimism for the future
- Ability to relax
- Ability to think clearly
- Feelings of closeness to others.
What did the research find?
Research found that people who saved often were more likely to be positive about their wellbeing.
There was also a link between how much people saved and their outlook. In general, the more people saved, the most optimistic they felt.
The evidence also found that people who saved often:
There was also a link between how much people saved and their outlook. In general, the more people saved, the most optimistic they felt.
The evidence also found that people who saved often:
Felt less anxious about money
Had greater life satisfaction
Felt relaxed and slept better
Had optimistic thoughts towards the future.
Saving on a low income
It can be difficult to save, especially for those on a lower income. The research showed that saving often, no matter how much, could help feelings of wellbeing.
People on a lower income are more likely to feel satisfied with their life compared to people on lower incomes who don’t save.
The research showed that saving money on a lower income brings a similar level of life satisfaction to those with a bigger income.
People on a lower income are more likely to feel satisfied with their life compared to people on lower incomes who don’t save.
The research showed that saving money on a lower income brings a similar level of life satisfaction to those with a bigger income.
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The content on this page is for reference and is not financial advice.
For impartial financial advice, try MoneyHelper.
For impartial financial advice, try MoneyHelper.