What type of saver are you?

18 October 2016 ( 24 January 2017 )

Saga Investment Services reveal the five types of saver – which are you?



Once you reach the age of 50, financial services companies tend to lump you into one group, believing that just because you’ve hit that magic milestone, you’re the same as everyone else in your age group.

New research from Saga Investment Services, the investment and financial planning service for the over-50s, challenges those assumptions with the launch of its ‘Saga Savers’ campaign, which reveals the different types of savers that make up Britain’s over 50s.

Working alongside behavioural researchers The Big Window and interviewing more than 1,000 over 50s, Saga has uncovered five types of ‘Saga Saver’ personalities. Providing a deep insight into the different approaches to saving and investing exhibited by today’s over 50s, the research illustrates how the attitudes of people like you vary, on topics from putting money away for retirement to how you negotiate your financial planning for later life.

The findings of the research also show how age, gender, level of income and family life can influence people’s attitude to saving and investing, and illustrates the different strengths that over 50s have in their approach to building a nest egg.

Introducing the Saga Savers panel

In addition to the research, Saga recruited a crack panel of Saga Savers – real people belonging to each saver personality who have shared their experiences of dealing with their finances as they head towards retirement.

From Bryan, the owner of a translation agency whose husband is about to retire, to Carol, who has swapped her job working at a doctor’s surgery to launch a new business looking after dogs, Saga will be tracking this group of savers as they negotiate their finances in the run-up to and throughout retirement.

Find out what type of saver you are with our interactive quiz

To help you explore this innovative project as you plan your retirement, Saga Investment Services has launched a new interactive quiz that will help you understand what kind of saver you are.

Take the test by visiting sagainvestments.co.uk/sagasavers and enjoy plenty of hints and tips to help you plan and make the most of your money in retirement and beyond.

The five ‘Saga Saver’ personality types revealed

The Financial Adventurer

The Financial Adventurers

You’re an ardent do-it-yourselfer, as comfortable dabbling on the stock markets as you are running your bank account. You tend to be a higher earner – in fact, one in four Financial Adventurers surveyed have a personal income of more than £50,000. 

You’re at ease making decisions about which financial products and services to use, and you know it, considering yourself to be a confident and savvy investor. You’re not put off by the uncertainty of the stock markets – and comfortable putting a proportion of your money at risk in order to get a better return.

Find out what financial New Year Resolutions our Financial Adventurer John King made

The Super-Savvy Saver

The Super-Savvy Savers

When it comes to saving your money, you’re the most switched on in the game – making the most of high-interest savings accounts, current accounts and any other interest-paying products to grow your nest-eggs. 

You’re interested in what makes the financial world tick, but you don’t necessarily dabble in the markets. It’s not because you don’t know what you’re doing – you are a Super-Savvy Saver, after all – but you’ve made an active choice to stick with lower risk accounts, preferring to ‘play it safe’ and you’re not a fan of uncertain outcomes. 

Indeed, more than one in 10 of you have never held an investment product at all.

Find out what financial New Year Resolutions our Super-Savvy Saver Carol Bell made

The Cautious Play-It-Safer

The Cautious Play-It-Safers

You’ve worked extremely hard to put aside a little money and you aren’t prepared to put any of it at risk – that’s why you play very, very carefully with what you’ve got. 

Savings accounts and cash ISAs are really the only name in the game for you Play-It-Safers – just 15% of you hold a stocks and shares ISA, and 23% have no investments at all.  

You do your best to stay on top of your money but of our Saga Savers, you’re the most concerned that you haven’t saved enough for retirement, and have the feeling you could have started earlier.

Find out what financial New Year Resolutions our Cautious Play-It-Safer Jenny Jones made

The Carefree Down-To-Earther

The Carefree Down-To-Earthers

Thrifty ‘til fifty, spend to the end. That’s the attitude of Carefree Down-to-Earthers, who’ve spent their lives tactically building up a healthy pot of savings and are going to live the high life with it as much as they can. 

It’s no surprise that this group are the least likely to have children and are less concerned about leaving a legacy. 

You have a good spread between savings and investments and while you’re relatively adventurous when it comes to risk and reward, you’ve got a carefree attitude to all things financial. It’s not that you don’t care about your money, it’s just not what gets you out of bed in the morning – there are far better things in life to enjoy.

Find out what financial New Year Resolutions our Carefree Down-to-Earther Bryan Manley-Green made

The Family-First Plate-Spinner    

The Family-First Plate-Spinners

When it comes to your finances, family is your priority, but there are lots of demands on your times and money – not just children and grandchildren, but also elderly parents. 

You can just about manage juggling all these financial balls – around one in four have an annual income above £50,000. But you still have some saving to go – almost 80% of this group are under the age of 65 and are still putting money away for retirement. 

Consequently, you’re focused on building up your nest-egg, rather than managing a pile of existing savings. And while you’re confident with investing, and engaged financially, you don’t like things being too racy. Perhaps you would, if you had the time to investigate things properly, but juggling all your priorities can make that tough.

Find out what financial New Year Resolutions our Family-First Plate Spinner Sandra Morrell made

A word from an expert

Nici Audhlam-Gardiner, Managing Director of Saga Investment Services, says: “Saga Investment Services was launched to empower and support Britain’s over 50s as they plan their financial path to retirement. Saga Savers has been created to help this group of people get a unique insight into their peers’ saving habits and behaviour so that they can examine their own attitudes and plan the retirement they deserve.

“We will track our Saga Savers panel as they go through the challenges of managing their money in retirement – be it Sandra, as she looks to build a decent nest-egg for her grandson’s future; John, as he searches for new investment opportunities; or Jenny, as she battles dwindling savings rates. 

"Our Saga Savers will bring a real consumer’s-eye view to the financial world and show over 50s that people like them are facing similar experiences as they chart the course to a happy retirement.” 

Next article: Dispelling pension myths  >>>

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The opinions expressed are those of the author and are not held by Saga unless specifically stated.

The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.