Saffron's research showed that the majority had short-term savings goals, with three quarters (75%) of respondents saying they would like to save towards a holiday, compared to a third (33%) wanting to save for their retirement. As people feel the effects of the credit crunch, half (50%) said they wanted to save for a rainy day.

Despite this, 50% of respondents said that they save less than £50 per month, with 20% putting nothing at all aside.

Responding to this lack of motivation amongst UK savers, Saffron Building Society has created Saffron Moneytree, an online goal-based savings tool designed to help people save money towards their own targets. Saffron Moneytree provides an easy way to stay in control of saving and encourages the saver to reach attainable goals.

Andy Golding, Chief Executive, Saffron Building Society, said: "Our research showed customers wanted a tool to help them save. The tool needed to place them in control of their savings, be hassle-free, and give them a helping hand to achieve their goals. Saffron Moneytree is the first step in developing a savings service to meet this requirement. You decide what you want to save for and then Saffron Moneytree helps to set out how much you'd need to put aside and for how long you'd need to save to achieve your goal.

"Saving for a car, holiday or wedding is exciting and has purpose. Savings accounts like ISAs and notice accounts are boring. Our research panel told us that if saving was made personal to them, the motivation and discipline to save would be much stronger."

When Saffron Moneytree was tested with customers, they found it easy to understand, and two thirds (66%) said that the service would help them save. Saffron Building Society will continue to work with customers to make the service as beneficial as possible, to help their customers achieve their savings goals and get in to good savings habits.