By Andrew Gall, Head of Savings & Economics, Building Societies Association

There’s something special about this year’s UK Savings Week (22-28 September). 

It coincides with 250 years of building societies, when the first building society savers put their money into a pot to raise the money to build their houses. By coming together and saving regularly, they made their futures better and more secure.

250 years later, the same principle drives UK Savings Week, and that’s why the BSA and its members are proud to have launched the campaign and continue to drive it forward.

The statistics remain stark: our latest survey shows that 6.5 million people across the UK have no savings at all, and over a fifth of people say they couldn’t afford an unexpected £300 bill. 

Meanwhile, many people have savings that could be working harder for them, helping them to achieve their financial goals. Nearly £300 billion is sitting in accounts not earning any interest.

There are clear links between establishing good savings habits, financial resilience and wellbeing, with a knock-on effect on people’s productivity at work.

Mutuals know that saving has wider benefits than just the pounds growing in the account. As organisations with 250 years of community focus they recognise that better savings habits benefit everyone. 

That’s why we are leading the way to encourage building societies and credit unions, but also other providers, charities and businesses to get involved, and help people to engage with saving.

Find out more about UK Savings Week and get involved at https://uksavingsweek.co.uk/