Illuminating new data has been published providing region-specific savings habits.
For people after savings advice in Cheshire, it shows that certain areas of the UK are more likely to save than others.
The data, compiled by a leading financial services provider, revealed that London, perhaps unexpectedly given the elevated cost of living, was the leader in savings activity, with an average of £28,978.40. The North West came sixth with £9,156.79 in average savings.
To understand these geographical disparities, analysts have said it is often more useful to study individual patterns of behaviour rather than collective regional trends. According to private wealth adviser Ayesha Ofori, it often comes down to how much someone can save or invest, and this invariably depends on available disposable income. While the capital is expensive, Londoners are more likely to have change left over, whereas in parts of the country with lower pay and fewer corporate positions, disposable income will be noticeably lower.
She added that the amount someone saves is connected to how much familiarity people have with saving and investing. Previous research by Lloyds has found a significant correlation between people’s perception of their financial health and attitudes towards money picked up in youth. Given the number of adults who weren’t educated about financial management as children, this would underline the importance of better explaining the value of money to people from an early age. Surveys have found that the 36% of adults who didn’t receive advice growing up were more likely to experience anxiety in later life.
