New research has revealed that the average adult has big savings goals, with individuals aiming to stash away an impressive £617 per month on average.

The study found that a third of Britons are saving for long-term objectives, while just 12% are setting money aside for short-term purchases.

According to a poll of 2,000 adults, 29% are funnelling their savings into a travel fund, and 12% are eyeing up a new smartphone. Meanwhile, 22% are diligently saving for their retirement, and 18% are hoping to upgrade their car.

Interestingly, 21% prioritise saving for experiences over material possessions, which only 15% prefer. However, for 55% of respondents, both types of savings hold equal importance.

Despite their savings goals, 45% of savers don't believe their money is working hard enough to generate the best return. Among the 96% who have savings, almost half (49%) have spent time researching the best investment strategies to maximise their returns.

Easy access savings accounts are the top choice for stashing away money (45%), followed by Cash ISAs (39%) and fixed term savings accounts (27%). This is a positive according to Rajan Lakhani, a spokesperson from smart money app , which commissioned the research.

He commented: "As the ISA deadline approaches, it's great to see so many people are optimistic when it comes to their savings for the year ahead. Interest rates on Cash ISAs, fixed rate and notice accounts in particular offer inflation-beating returns.

"If people are able to put aside their target savings each month and then put them to work with relatively high interest rates, they should be well-placed to reach their key financial goals."

However, he also suggests being wary of how much you're putting away: "It's always worth being cautious when it comes to how aggressively you think you can save, as the cost of living continues to eat into people's 'saveable' cash and it's best to make sure you've got that emergency pot set aside for any nasty surprises.

"Anyone who is setting aside large amounts also needs to consider the tax implications and make sure their money is stashed in an ISA."

The research reveals that a reassuring 69% of savers are optimistic about their ability to save successfully for their targets in 2025. However, those who lack confidence, with 58% attributing this to the burden of high living costs and 48% concerned about unforeseen expenditures.

In the current digital age, managing money has become more accessible through intuitive saving tools, real-time spending tracking budget apps, and tax-free savings accounts such as ISAs.

Financial guru Rajan advises: "Taking a little time to explore these options can help people stay on top of their finances and build up a safety net for unexpected expenses".