Nearly One In Three Savers In Belfast Feel Worried Or Anxious About Their Savings As Tax Year Deadline Looms
With the end of the tax year (April 5) approaching, a key moment for savers to review their finances, new research suggests many people in Belfast are entering the deadline feeling worried rather than prepared.
Savings are not just a financial safety net for people in Belfast, but an emotional one too. New research from Raisin UK’s Great British Savings Report, the online savings platform, reveals that money worries are having a real impact on how secure and confident savers feel. This comes as the annual tax year reset prompts people to reflect on whether they are making the most of their savings allowances.
The report which surveyed 2,000 UK adults, shows a clear emotional divide among savers in Belfast. While 22% say they feel confident and in control of their savings, many are far less assured. 29% worry they are not saving enough or that their money could be working harder.
This sense of unease reflects a broader national picture. The Money and Pensions Service has consistently highlighted the close link between money worries and emotional well-being, with financial uncertainty often contributing to stress and anxiety*. Savings play a particularly important role in this, as they are closely tied to how secure and resilient people feel when facing unexpected costs or changes in circumstances.
Raisin UK’s research suggests that uncertainty around saving can deepen negative emotions and prevent people from taking action. In Belfast, 14% of people say they know they should change how they save but have not yet done so, with many reporting feelings of worry, anxiety and frustration when thinking about their finances, and only a small proportion saying they feel hopeful. This lack of financial confidence helps explain why 75% of people in Belfast believe there should be more education in UK schools about banking and managing money (76% nationally), as without stronger financial understanding many miss out on opportunities such as tax-free savings allowances, particularly at key moments like the start of a new tax year.
Personal finance expert and co-founder of Raisin UK, Kevin Mountford, said: “With over a month still to go before the end of the tax year, there is a real opportunity for people in Belfast to take control of their finances and make informed decisions. Rather than feeling overwhelmed, this is the time to review what allowances you’ve already used and where there may still be room to do more.
“That could mean moving money around to ensure it’s working harder, for example, making use of any remaining pension allowance if your personal allowance has already been used, or exploring alternative savings options if you’ve maxed out your ISA. Even outside of tax-free wrappers, there are still opportunities to maximise returns. Fixed-rate bonds, in particular, are currently offering some of the most competitive guaranteed rates
available and can be a sensible option for savers looking to make their money go further before the new tax year begins.”
Now in its second year, the Great British Savings Report acts as a barometer for how Britain saves and the financial behaviours behind the nation. For more insights and to explore the full findings from the research, visit Raisin UK’s Great British Savings Report here.