Product category:
Savings and investment
News Release from: Chelsea Building Society | Subject: Investments
Edited by the Insidemoneytalk Editorial
Team on 30 April 2007
Chelsea Building Society: To save or not
to save? That is the question.
The Scots may have always had a reputation for being tight-fisted, but a new survey reveals the benefits of being so stingy.
People from Edinburgh and Glasgow are among the biggest SAVERS in the UK - with the average Glaswegian sitting on a whopping £15,000 in savings, while 15 per cent of those from Edinburgh have at least thirty grand stashed in the bank according to a new survey Almost one in twenty affluent Edinburgh folk put away the princely sum of £500 every month and a third of them class themselves as excellent savers
This article was originally published on Insidemoneytalk on 3 Aug 2007 at 8.00am (UK)
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But it's not just the Scots that are good with their pennies, nine per cent of those from the East-Anglian city of Norwich also have more than thirty grand in savings and a greedy 10 per cent of those living in Norwich claim to have up to five savings accounts.
Sheffield residents are the savviest - with 58 per cent of residents knowing the interest rate their savings account offers while nobody from the Essex city Chelmsford had clue.
Over 4000 people took part in the poll conducted by Chelsea Building Society which revealed that those living in the Yorkshire city of Leeds are the worst savers in the UK.
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The study showed 14 per cent of people from Leeds said they never saved and a third had just fifty quid in their piggy bank.
Plymouth folk didn't fare well and were branded as the second worst savers, just ahead of Newcastle and Swansea.
''Who would have thought the Scots were so good at saving? Having a reputation for being tight fisted has done them no harm when it comes to saving for the future" commented Vicki O'Connell, spokesman for Chelsea Building Society.
''People take very different approaches to saving and it's interesting to see the different trends in different parts of the country." ''It's about whatever works for an individual - some people prefer to put a set amount away every month and some people would rather put away a lump some when it suits them.
We have a range of product to suit all savings habits, whether it be small regular amounts or larger savings for that something special" continued O'Connell Almost three quarters of British adults said they worry that they're not saving enough and one in ten have resorted to hiding cash under the mattress or other unusual places including tumble driers! A sneaky 17 per cent don't tell their partners how much they save preferring to keep their nest egg a secret.
A whopping 80 per cent of folk admitted to collecting spare change with a traditional 27 per cent saving their coppers in a piggy bank.
A quarter of Brits said they dip in to their savings account all the time with the most common thing to splash out on being, home renovations, followed by holidays and a new car.
TOP TEN BEST SAVERS: Glasgow, Edinburgh, London, Coventry, Southampton, Birmingham, Leicester, Norwich, Bristol, Liverpool.
TOP TEN WORST SAVERS: Leeds, Plymouth, Newcastle, Swansea, Manchester, Cambridge, Aberdeen, Cardiff, Nottingham, Chelmsford.
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