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UK workers prioritise saving when faced with a £5K bonus

by Benefits Expert
06/02/2025
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Economic pressures over the past few years have impacted the UK public’s money mindset as research shows UK employees would rather save than spend an unexpected bonus.

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.

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”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.”

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Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

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As the professionals responsible for helping their organisations navigate NI hikes, rising employee stress levels and looming redundancies, the pressure on HR, reward and benefits teams has never been greater. 

HR is expected to lead with strength and compassion. But who is supporting the supporters?

In this episode of Benefits Unboxed, co-hosts Claire Churchard, Carole Goldsmith and Steve Herbert explore the emotional and ethical pressures HR face today, from managing redundancies to implementing complex legislation. They discuss why HR’s own wellbeing may not be the first topic of conversation, the risks that poses to employers, and the practical steps businesses can take to better support the wellbeing of the people who support everyone else.

This conversation shines a light on the resilience of the profession and why looking after HR is not just the right thing to do, but a business imperative.

Benefits Unboxed – Wellbeing: HR is supporting everyone, but who’s supporting HR?
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