Nine out of 10 lawyers save more than £250 a month regularly
Lawyers are sensible savers but need to be smarter to fulfil their ambitions
Most lawyers are regular savers but need to plan properly if they are to achieve all their saving goals, according to new research.
Wesleyan, the specialist financial mutual for lawyers, found that nine out of ten lawyers save regularly, and typically put aside more than £250 a month towards future spending plans.
The majority of 100 lawyers surveyed said they had already built up a savings pot of, on average, £25,720.
The research showed that the most popular saving goals for members of the legal profession included coverage for nine months' salary, a new car, and a deposit for a new home. However, at current prices, it would cost £288,370 over a lifetime to cover all of these items.
For those lawyers saving £250 a month, it could take them up to 54 years to reach this savings goal if they were paying into a cash ISA with 2 per cent AER interest. Even then they would need to leave those savings untouched during that time.
Samantha Porter, a Wesleyan director, said: 'Everyone has something they are saving for, but if you want to make these dreams a reality you need to put a proper savings plan in place. Many people save without an actual end goal in mind, building up a "rainy day" fund. Our experience shows those who can visualise what they are saving for are likely to be more successful savers.'
Porter added that those saving for the longer term should consider locking away their cash in a stocks and shares ISA or investment bond.