November is Named the month Brits want to Save Money the Most

The months that Brits want to save money the most revealed 

• November is when Brits are looking to save the most, with 719,000 searches on average during this month for UK savings accounts. 
• January is the second most popular month to save, with 695,000 searches on average for savings accounts, right after the big Christmas spend. 
• Nationwide was the bank that Brits want to set up a savings account with the most. 
• Searches for savings accounts increased by 64.1% between 2021 and 2022, to 8.36 million searches per year in the UK. 

November is the month that Brits are looking to save money the most, according to a new analysis of Google search data. 

The research, conducted by financial comparison site Investing Reviews, looked at the number of searches each month for savings accounts since 2019, to work out which months Brits are trying to save money the most.

The months Brits are looking to save the most 

November was found to have the highest number of searches for savings accounts, with 718,975 searches on average during this month each year since 2019. The most searched for terms on average throughout November were found to be ‘best savings account,’ Lifetime ISA’ and ‘ISA.’ 

January is the second biggest month for saving, with 695,000 searches on average for the combined search terms relating to savings accounts over the past four years. January 2023 saw approximately 1.02 million combined searches for savings accounts, an increase of 94.2% compared to January 2022, which saw around 525,000 searches. 

July was the month where Brits are least interested in saving money, with 407,900 searches on average during this month. 

Between 2021 and 2022, the UK saw an increase of 64.1% in searches for savings accounts, from 5.09 million searches in 2021 to 8.36 million searches in 2022. 

	Month	Average UK monthly searches for savings accounts (Feb 2019 – Jan 2023)
1.	November	718,975
2.	January	694,525
3.	October	634,650
4.	September	524,675
5.	March	505,100
6.	February	478,150
7.	December	470,975
8.	August	469,475
9.	April	451,975
10.	May	424,725
11.	June	418,150
12.	July	407,900

Most popular banks for savings accounts 

Nationwide was found to be the bank that people want to save with the most on average. This was not just the case throughout November but the year as a whole, with nearly 47,000 searches for ‘Nationwide savings account’ every month on average throughout 2022.

	Bank	Average UK monthly searches for savings account (2022)
1.	Nationwide	46,992
2.	Santander	40,142
3.	HSBC	23,358
4.	Barclays	19,875
5.	Natwest	19,075
6.	Lloyds	15,158
7.	RBS	2,975

“November is when most people tend to think about saving, as it allows them to manage their cash flow during December, which tends to be the costliest month of the year,” Simon Jones, founder and CEO of Investing Reviews, comments. 

“A big dip in searches can be observed during December, but interest then picks back up in January, as people look to align their savings goals with their New Year’s resolutions. Dry January also plays a large role, with reduced spending on alcohol, which people look to direct into a savings account.

“The data shows that the summer months are when people are least interested in saving, with searches on average reaching their lowest point in July. As people look to take advantage of the warmer summer weather or book last-minute getaways, saving during these months becomes less of a priority for many families.

“Despite the cost-of-living crisis making it increasingly hard for families to put money away for the future, the data suggests there has actually been a significant uptick in those looking to set up savings accounts since 2021. It will be interesting to see whether this trend continues throughout 2023, as household energy bills start to decrease.” 

How are Brits investing their savings? 

According to Investing Reviews Annual Report 2023, which surveyed more than 1,000 UK investors throughout November 2022, it was revealed that men are more likely to invest money than women, at a 70/30 gender split.  

Of those who are fortunate to have savings that they can invest, a little over half (50.6%) of UK investors have a portfolio of £5,000 or less, while just over a quarter (25.8%) of investors have less than £1,000 invested in trading platforms. 

The report also found that younger investors, within the 18-24 age bracket, were more likely to prefer using app-first investing platforms such as Trading212, while older investors aged 75 and over preferred more traditional and longer established platforms, such as Hargreaves Lansdown. 

Credit to: https://investingreviews.co.uk/isas/best-stocks-and-shares-isa/ who provided the above post.