Gatehouse Bank Plans To Launch A Regular Saver Product To Support Clients
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The innovative Shariah-compliant challenger bank, Gatehouse Bank, has published new research illustrating a notable shift in the money mindset of the UK towards saving.
The research delved into the financial perspective of UK adults, assessing the fundamental factors that are sharpening their economic outlook. This factor also considerably drives their decisions to spend or save and the triggers that might cause a change in their financial mindset.
Surprisingly, Gatehouse Bank’s research reveals that over a third (34%) of adults in the UK are naturally savers rather than spenders. Among these savers, 44% stated that saving is an essential cost, equivalent to their rent payment or home finance.
Encouraging Shift Towards A Savings Mindset
The emphasis on saving in the UK is increasing, with 1 in 10 adults (11%) acknowledging that they have altered their mindset over the past year to attach greater importance to saving, driven by the current economic conditions.
Furthermore, the research indicates an encouraging trend toward a saving mindset, particularly when considering that 33% of adults in the UK have savings of below £1,000. Despite this, a significant percentage of respondents (59%) plan to increase their monthly savings.
The Senior Product Manager at Gatehouse Bank, Ravi Kumar, highlighted that the research indicates a promising increase in the number of adults in the UK who see themselves as savers. This illustrates that people are actively altering their mindset, which is encouraging.
Nurturing Financial Resilience in a High-Interest Rate Environment
In the current climate of high-interest rates, it’s essential to establish savings goals and allocate funds consistently every month. This process is also critical to creating a robust saving routine. The bank wanted to find out how the economic situation impacts its customers’ saving culture to serve them better.
Gatehouse Bank’s research highlights a substantial change in the UK’s financial mindset, with more adults prioritizing savings despite economic challenges. This idea is encouraging, especially as many acknowledge the importance of saving even in a high-interest rate environment.
The bank’s upcoming Regular Saver product reveals its devotion to empowering customers to achieve their financial goals. What exciting transformations and opportunities will this savings-focused mindset unlock for individuals and the UK’s economic landscape? Well, time will tell.
