Nearly two-thirds of people with savings accounts have dipped into their money over the past year, while the average amount put aside each month has fallen by £90, according to Raisin UK's Great British Savings Report 2026.
Savers reported putting aside an average of £245 a month, down from £335 in 2025 - a fall of 27 per cent. At the same time, 64% of people with savings accounts said they had dipped into their money during the past year, compared with 59% in 2025.
Everyday expenses and repairs
Among those who had used their savings, 42% said the money had gone towards everyday living expenses including groceries and bills. Unexpected household repairs and travel or holidays were each cited by 25%.
The findings come from research carried out by Opinion Matters among 2,000 UK adults in September.
Smaller monthly amounts
The research found nearly two-thirds (64%) of people currently saving for something are putting away £250 or less each month, up from 52% last year. More than two in five (42%) are managing to save £100 or less each month.
Raisin UK said the findings indicate savings are increasingly being used both to prepare for the future and as a financial buffer to deal with everyday costs and unexpected expenses.
Robyn Demming, UK B2C Lead at Raisin UK, said: “What stands out in this year’s research is not simply that people are saving £90 less each month, but that this is happening at the same time as more people are having to use the savings they have already built up.
“That can make rebuilding a buffer harder, which is why it helps to think about what each pot is for.”
She suggested keeping money required for everyday spending in a current account, while an emergency fund could be held somewhere that provides easy access.
Covering essential spending
The research also looked at how long people's existing savings could cover their essential expenditure. Almost two-thirds (65%) of people with savings said they had enough to cover one month of essential spending.
That dropped to 56% who could cover three months and 47% who could cover six months. Meanwhile, 38% said their savings would not be sufficient to cover six months of essential expenditure.
MoneyHelper uses three to six months' worth of essential outgoings as a general rule of thumb for an emergency savings fund, although the appropriate amount will depend on someone's individual circumstances.
Demming said: “There is no single emergency-fund number that will suit everyone.
“The important thing is balancing access with return, so money you may need quickly stays within reach while longer-term cash has the opportunity to work harder.”
Interest rate awareness
There was some indication that people are paying closer attention to the interest being paid on their savings. The proportion of people who said they never check their savings rate has fallen from 16% in 2025 to 11% this year.
One in five (20%) said they would not consider locking away their savings because they need unlimited access to their money, up from 15% last year.
Raisin UK said people with savings they are unlikely to need in the short term could consider whether fixed-term accounts are suitable, although access to money is generally restricted in exchange for the interest rate offered.
