It seems adults haven’t forgotten their childhood piggy bank.
According to an Aviva survey, one in 10 U.K. adults use the porcine friend to save for retirement.
While more than half (56%) of U.K. adults consider themselves savers, how they’re saving for retirement vastly differs.
Most (29%) of the respondents save through their employer-provided pension plans. Another 20% use cash individual savings accounts (ISAs), and 18% use bank/building society accounts.
But actually 8% keep some of their retirement savings as cash, saving in a piggy bank. Seven percent invest in property and 2% in art and antiques.
“It’s fantastic to see that so many people have got into the habit of saving,” says Rodney Prezeau, consumer platform managing director with Aviva. “However, it’s worrying that many who are investing for the long term seem to be putting their cash into vehicles which are generally more suited to shorter-term savings.
“Cash ISAs certainly have their place, but we’d encourage consumers to look at long-term benefits if they are planning to save for many years or even decades; for example, if they’re putting money away for retirement or for children’s university fees.”
ICM Research interviewed 2,000 adults ages 18 to 65 across the U.K. in September 2015.
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