Research from bank Aldermore’s 2017 Annual Savings Tracker covering 4,000 people found that 61% of consumers were saving but putting away an average of just £2,748 a year.
The company says the need to save is now recognised by a majority of people although the rate of saving means that key life goals, such as buying a home, could take a very long time.
Of those who are saving, 74% are aiming for a specific goal. Younger savers in Britain are the most goal-orientated, with nearly nine in ten (87%) of 18-24 year olds wishing to reach a specific target such as buying a home, compared to only half (55%) of 65-74 year olds.
Some 37% only put money away if they have some left at the end of month while 29% save a fixed amount each month regardless.
The most common long term savings goal in the UK (for 29%) is saving for retirement. For the younger generation, their primary goal is a deposit for their first home with over three in five (62%) aiming for this.
The research was based on 4,005 online interviews with UK adults (aged 18+) conducted by Opinium Research in 26 May.