Britain is an incredibly diverse country for its size. From the corporate powerhouse in the City of London, to the rolling farms of Somerset, all the way up through the industrial North to the highlands of Scotland. But how does this diversity affect our savings?
We quizzed 2,000 people from around Britain on how they manage their money. Here’s what we found out.
Who saves the most?
It may be surprising, but Scotland has proved themselves to be the best savers.
An amazing 21% of Scots told us that they had over £30,000 in savings – a greater percentage than any other region of the UK. In comparison, just 14% of Londoners said they had as much saved up.
Scotland also had the most saved on average across the regions, followed closely by East Anglia and Yorkshire & the Humber:
Languishing in a notable last place is Northern Ireland where the average person has just £2,975.46 in savings. This probably has something to do with the terrible jobs crisis in country, which currently suffers from severe ‘brain drain’ due to the lack of decent, high paying jobs.
So how are the Scots doing so well? Our survey also asked “Do you generally keep track of your spending?” and we certainly saw a trend between this and average amount of money saved. The Scots came out top, with 59% replying “yes, all the time”, whereas Northern Ireland came second to last, with 16% saying they kept no track at all of their outgoings.
Another great saving tactic is to stick to a budget and add to your savings every month. East Anglia were the most likely to never go over budget (33%) and the most likely to put money away every month (37%), putting them in a cool second place for most savings.
Who’s the most careless?
Being a big spender doesn’t necessarily make you a bad saver, depending on how much you earn. Which region in the UK is taking it a step too far and going overboard?
Here’s what each region is managing to save a month, on average:
London residents are managing to put away £269.07 a month – that’s £61.55 more a month than the average for the rest of the country. But as we can see from the graph earlier on, Londoners aren’t managing to hold onto as much of their extra cash as in other regions.
Perhaps that’s because over 20% of Londoners admitted to turning a blind eye to their finances. Compare this to Yorkshire and the Humber, who have the second highest earnings and third highest savings – 54% said they never let this happen.
It probably doesn’t help that Londoners have so many credit cards, with an average of two per person. Over a quarter of respondents said they had between three and four!
Londoners were also most likely to regularly eat into their savings and to spend money whether or not they had enough. Perhaps that’s just the nature of London life!
For all those regions who didn’t quite make the headlines.
Most likely to go over budget – Wales (22% go over budget regularly)
Least in debt – North East (46% aren’t in debt)
Biggest credit card bills – West Midlands (23% struggle to pay them off all the time)
Most sensible spenders – South East (55% only buy things when they can afford it)