Mansfield Building Society is backing the first ever UK Savings Week, taking place from 26 September to 2 October 2022, to promote the benefits of saving.

UK Savings Week is a Building Societies Association (BSA) initiative which aims to get people engaged in saving – whether they’re already savers, have no savings but could save a little, or are unable to save right now but may be able to in future.

Research from the BSA indicates that around 11.5million people have less than £100 to fall back on in an emergency, yet nearly two thirds of people could save at least £10 per month to help build a safety net to meet unexpected costs.

With interest rates rising, now is also a great time for existing savers to review the rate that they’re getting and look for alternative options to maximise the return they get.

Richard Crisp, commercial development executive, said that, even in the current climate, saving a small amount each month can help provide a buffer against unexpected costs.

He added: “Starting your savings journey needn’t be out of reach.  Many banks and building societies allow new customers to start saving with as little as £1.  Remember, if you start low, you can always increase what you save when you’re able, the most important thing is to take the first step and kick-start your savings habit.

“At The Mansfield we’re keen to help promote UK Savings Week and have a number of initiatives planned including our daily savings bulletins on Mansfield 103.2, and the launch of our exciting new fixed rate savings products.

“Whilst the current cost of living may not make saving possible for everyone, putting a little aside each month, if you can, still remains a great way to improve your financial resilience.”

For more information about UK Savings Week visit uksavingsweek.co.uk. For more information about Mansfield Building Society visit mansfieldbs.co.uk.