Most Britons would rather save than spend a cash windfall
More than half of Britons have the desire to save, according to new findings from Alliance and Leicesters Wealth Tracker Index.
Given a cash windfall of £250, on top of their monthly income, six in ten Britons (60%) say they would save it - while only 4% would fritter it away. One in five people (21%) say they would save the extra £250 for the long-term, whilst almost four in ten (39%) say they would 'save to spend' on short-term wants. Just 2% say they would save for their children's education or their own retirement, more than one in ten (15%) would save to pay for Christmas presents and one in six (17%) would save the bonus for their next holiday. Clearing existing debts and paying household bills was the choice of one in six (15%) people. Nathan Barber-Kebby, Marketing Manager for Savings at Alliance & Leicester commented: "The average Briton rarely receives a lump sum cash bonus, so if they did, it's encouraging to see that people wouldn't simply fritter it away, but use the money constructively. "It's also good to see that people are now starting to acknowledge the benefits of saving money - whether it be for the short term or long term. We would urge savers to shop around to ensure their savings are working as hard as possible for them - there are some great deals around and you'd be surprised how quickly even the smallest savings start to add up." As part of its quarterly study, Alliance & Leicester's Wealth Tracker Index asked a GB representative sample of 2,000, if they were to receive and extra £250 on top of their monthly income, what would they do with it? Regional findings - Britain's biggest savers are in the East Midlands, with more than seven in ten (72%) saying they would save a cash windfall.
- The Welsh are the most likely to save for their next holiday (23%), whilst only 12% of people in East Anglia would save a windfall towards their next break.
- The Scots are most likely to save a windfall towards the expense of Christmas, compared to only 7% of Londoners.
- Only 11% of people in the North East say they would save their extra £250 for a rainy day, compared to 27% in the East Midlands.
- People in Yorkshire are most likely to save the extra income towards a new home, or improvements (11%). Only 4% of people in the North West and Wales say they would save towards a new home or home improvements.
- Britain's biggest spenders are in the South West, with four in ten (40%) saying they would spend a windfall - 18% say they would spend it on a treat for themselves or their family, 17% on bills and other debts and 5% say they would fritter it away.
- People in the North East are most likely to fritter a cash bonus away (7%), compared to only 2% of people in the East Midlands and Wales.
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Date published: 10/20/2004 10:08:54 AM
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