Build small but effective savings habits to boost resilience, Yorkshire experts say
Charity leaders, think-tank representatives and members of parliament came together this morning (Friday, 26 September) to discuss financial resilience, as part of a roundtable hosted by Yorkshire Building Society during UK Savings Week (22–28 September).
The event brought together a diverse group of experts from across Yorkshire’s financial, charitable and political sectors to explore the findings of the latest research commissioned by the Building Societies Association. The report, Understanding the Role of Savings in Building Longer-Term Financial Security, produced by the University of Bristol’s Personal Finance Research Centre, offers compelling evidence on the protective power of savings and the importance of financial education.
The research shows that having just £2,000 in savings can reduce the risk of falling behind on household bills by nearly 60%, and that regular saving habits—regardless of the amount saved—can significantly improve financial wellbeing and reduce vulnerability to financial shocks. The report also highlights how basic savings products can act as gateways to broader financial engagement, including investment and pension planning.
Chris Irwin, Director of Savings at Yorkshire Building Society, said: “This roundtable was a powerful reminder of the role that savings play in helping people feel secure and in control of their financial lives. The findings from the report reinforce what many of us in the sector have long believed: that even modest savings can make a meaningful difference. But we also know that saving isn’t easy for everyone. That’s why it’s so important to create an environment—through education, product design and policy—that makes saving more accessible and more rewarding. We’re proud to be part of that conversation and to help drive change.”
Luke Charters MP added: “It was an honour to join this discussion for the second year running and hear from organisations working at the forefront of financial wellbeing. The evidence presented today makes a compelling case for action. Financial resilience is not just about having money in the bank—it’s about having the confidence and capability to manage life’s ups and downs. I believe government has a critical role to play in supporting a savings culture that works for everyone, and I’m committed to championing policies that make that possible. We must ensure that people are empowered with the tools and knowledge they need to build a more secure future.”
The roundtable concluded with a shared commitment among attendees to continue working collaboratively to improve financial resilience across the UK, and to ensure that saving becomes a realistic and achievable goal for more households.
