A study highlights that approximately 40.7 billion in savings from high earners in the UK could potentially stimulate the economy. These self-made individuals, identified in a Santander UK report, have transitioned to the top income bracket, typically earning over 52,000 annually. Alongside an average of 40,000 in cash reserves, many are not managing these savings effectively. The study, based on a survey of 2,000 top earners, notes the career paths of these individuals, with many starting in construction and skilled trades, showcasing an unexploited financial resource for economic growth.
An estimated 40.7 billion held in savings by individuals who have ascended the income ladder could be harnessed to stimulate the UK economy, new research suggests.
The report, based on an Opinium survey conducted in March and April, polled 2,000 people within the UK's top 20 percent of earners, a group typically earning an annual income of 52,000 or more.
Santander highlighted that this cohort possesses an average of nearly 40,000 in cash reserves each. However, many are reportedly not exploring effective ways to manage these significant sums.
The findings underscore a significant untapped financial resource for the UK economy, particularly from high-earners who began with modest means.
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