Research from Aegon has found that if employees were presented with a surprise £5,000 bonus, 70 percent of people would prefer to save for the future or pay off debt than spend the money (14 percent).
More than a quarter of people (27 percent) said they would put this kind of windfall into a bank savings account. Cash ISAs were the second-most popular option (16 percent), while 12 percent of people said they would use the money to pay off any existing debt.
Less than one in ten (9 percent) said they would spend the money on their family, while an even smaller group would treat themselves (5 percent).
Baby boomers (75 percent) were marginally more inclined to save or repay debt than younger colleagues in generation Z (67 percent).
Steven Cameron, pensions director at Aegon, said: “Our latest research paints a picture of a very financially responsible nation.
“You might have imagined that if presented with a surprise windfall of £5,000, many people would have been quick to ‘splash the cash’ on treating themselves or their families. Instead, we found a much greater likelihood that people would put this extra amount away in savings, or use it to pay off debt.
“It may be that recent economic challenges and the cost-of-living crisis have had a bearing. People may feel a greater need to have less debt or some ‘rainy day’ savings to tide them over should they need it.
“Our Financial Priorities research also told us that one of our greatest fears is facing an unexpected bill – and putting a windfall away offers protection from such issues and hopefully gives us peace of mind.
”It’s always good to have a financial ‘cushion’ to fall back on should you need one. This, plus having debts under control, can also pave the way to properly thinking about longer-term savings – for example, pensions.”
