July 25, 2024, 7:37 am

Regular Savings Boost Sleep and Wellbeing, Study Finds

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  • Update Time : Thursday, July 11, 2024

A new report from Bristol University reveals that regularly saving money, even in small amounts, can significantly improve sleep quality. The study found that setting aside a monthly sum helps people relax and feel more optimistic about the future.

According to the research by the Personal Finance Research Centre at Bristol University, low-income individuals who save regularly experience similar life satisfaction levels as wealthier non-savers. Regular savers reported less anxiety about money and a reduced likelihood of experiencing problem debt, contributing to higher overall life satisfaction.

Economic Challenges Make Saving Difficult

Despite the benefits, saving money has become increasingly challenging due to rising living costs and food prices. Recent surveys indicate that a quarter of UK adults have savings of less than £100. Nevertheless, around 60% of people maintain a savings habit, which charities argue is crucial for financial resilience.

Strategies to Save Even on a Tight Budget

The report emphasizes the importance of saving, even in small amounts, to improve financial resilience and cope with unexpected events. While economic factors like high interest rates on savings accounts have improved, the potential drop in benchmark interest rates by the Bank of England could affect returns. Andrew Gall from the Building Societies Association, which funded the research, encourages everyone to save when possible, highlighting the long-term benefits.

 

 

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