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Do We Need a National Savings Day in the UK?

ended 12. October 2025

The 12th October is National Savings Day in the United States — an initiative created by Capital One to encourage Americans to save more and build financial resilience.

But with UK household savings ratios falling and millions of people holding less than £1,000 in reserve, should Britain have its own National Savings Day to remind people of the importance of saving?

https://www.fca.org.uk/news/press-releases/more-people-have-bank-accounts-one-ten-have-no-cash-savings?

Despite higher interest rates, the cost-of-living crisis means many households are struggling to put anything aside. Meanwhile, others with spare cash are unsure where best to keep it — savings accounts, ISAs, or investments.

We’re asking financial planners, advisers, and money experts:

💬 Would a UK National Savings Day make a difference?
💬 Or do we already have enough initiatives, like Talk Money Week, to get people thinking about their finances?
💬 And what’s your one top tip to help Britons save more right now?

6 responses from the Newspage community

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Editor
Scott GallacherVerified
Director at Rowley Turton
Millions of Britons are just one payday away from disaster — and that constant financial pressure takes a huge toll on mental health. With World Mental Health Day and America’s National Savings Day falling in the same week, it’s a timely reminder that saving isn’t only about money. It’s about security, confidence, and sleeping better at night. So yes, perhaps it’s time we followed America’s lead and introduced our own National Savings Day.
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Tony RedondoVerified
Founder at Cosmos Currency Exchange
One in ten people in the UK have no cash savings at all, and another 21% have less than £1,000 for emergencies—so anything that builds financial resilience is welcome. A National Savings Day might seem gimmicky, but it's a clear call to action, and the American model shows corporate-backed campaigns cut through the noise. However, the fundamental issue is structural. Britain needs a mindset shift from saving to investing. 61% of people with over £10,000 in investible assets hold at least three-quarters in cash rather than investments—suggesting the problem isn't just awareness but confidence, access to advice, and financial education gaps. Timing matters too. During a cost-of-living crisis, with households choosing between heating and eating, urging people to "save more" can feel tone-deaf.
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Ross LaceyVerified
Director & Independent Financial Adviser at Fairview Financial Management
This sounds like a gimmick. One day a year to promote a shift change in behaviour won't even touch the sides.

There needs to be a concerted effort from government to promote the benefits of getting professional financial advice and mechanics put in place to subsidise access to financial advice. Saving is just one aspect. Not enough is invested rather than saved, and so many people are under insured.

There could be a return to tax relief given on insurance premiums, and also forcing pension providers to facilitate adviser fees when requested by a member for the provision of advice.
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Philly PonniahVerified
Chartered Wealth Manager and Financial Coach at Philly Financial
A UK National Savings Day would be a good reminder, but it won’t make a huge difference on its own. Most people know they should save — they’re just stretched. Rising costs mean saving feels impossible for some, and that mindset quickly becomes self-fulfilling. The real shift comes from making saving feel doable again, even in small amounts.

My top tip is to pay yourself first. Automate a transfer, even £50 a month, on payday. When you see yourself saving regularly, however small, you rebuild confidence and start believing you can grow money. Even better for longer term wealth building is to start investing - that's where the real growth is.
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Kundan BhaduriVerified
Entrepreneur, Investor and Landlord at The Kushman Group
The issue is not awareness but basic economics for most people, you see. With the cost of living crisis, the average living costs in places like London devour incomes faster than FCA's motivational campaigns can inspire thrift.

Even those with spare cash hoard 61% of their investible assets above £10,000 in ridiculous savings accounts rather than productive investments (stocks and shares, property etc), so it is pretty clear that financial illiteracy spans all income brackets from the desperate to the comfortable.

Smart policy would address the root causes through tax reform, housing supply increases, and genuine competition in financial services rather than expecting families to save their way out of systemic affordability crises.

My advice remains simple: automate small monthly transfers into ISAs before you can spend the money and prioritise clearing expensive debt over building savings.
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Colette MasonVerified
AI Ethics Consultant at Clever Clogs AI
Saving can be hard because deciphering piles of paperwork is another drain on exhausted minds. AI could ease the load by scanning bank statements for inflated out-of-contract charges on phones, utilities and TV services, flagging overlapping subscriptions, bundling car and home insurance, and spotting poor value for money in general. A digital audit like that could give tired, financially stressed households a clearer picture of how to stretch the weekly shop further. Tailored spending and lifestyle suggestions could make saving feel achievable again and life a little more enjoyable. Just remember to keep personal details private and never share names, addresses or full account data with any tool.