Chip, a savings app, is on a mission to build the best savings account in the world, analysed the goals created by the app’s 400,000 users to find the most popular ones, providing an indication of people’s financial priorities for the coming year, identifying the top savings goals for 2022
Top 15 most popular savings goals:
- Financial safety net / ‘rainy day’ fund
- House fund
- Christmas 2022
- Debt repayment
- Car fund
- Car Insurance
- Driving lessons
- Baby fund
‘Financial safety net’ has remained the top financial priority for Chip savers since the beginning of the pandemic, highlighting the need for a financial buffer in the current economic climate.
‘Holiday’ was a close second. With travel rules constantly changing, this serves as an indication that more Brits are hoping to take their trips soon and are perhaps optimistic about the easing of the restrictions.
Looking at the specific locations Chip users are saving for, the fintech found that the top destinations are:
- Canary Islands / Ibiza / New York
The rest of the top 10 consists of; goals aimed at financial health and clearing debt, celebrations such as weddings and birthdays, as well arguably the biggest expense on the list – a house deposit, which came third.
The most unexpected goal on the list – ‘Christmas 2022’ – made number four. Christmas is one the most expensive periods of the year, and is likely still fresh in the minds of Brits who are keen to prepare for the next festive season well ahead of time.
According to Chip’s data team, its users are hitting their saving goals on average 5 months sooner than those not using the app. For an average person it takes around nine months to save for a holiday, however, Chip savers can reach their goal in just four months. The fintech also found that the average Chip user saved an extra £3,000 in 2021.
Chip’s Founder and Chief Executive Officer, Simon Rabin, commented: “January is traditionally the time for planning and preparation for the coming year, and financial targets are no exception. So whether you’re looking to save for something big, like a house deposit, something life-changing, like a baby fund, or something fun, like a well-deserved holiday, the key to success is starting early and sticking to your plans.”
“We’ve built Chip to make saving effortless and easy. Our auto-saving feature allows users to save little and often, depositing that money into market-leading savings accounts. So far, we’ve saved our users £700 million, and believe we can hit the £1 billion mark in 2022, helping even more people reach their financial goals.”