North West's savvy savers

Just 13% of people claimed that they would rather live for today than save for tomorrow.
Just 13% of people claimed that they would rather live for today than save for tomorrow.
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People in the North West have proved themselves to be financially aware when it comes to ensuring that rainy-day funds remain suitably topped-up, with a survey revealing that 66% of us class ourselves as regular savers.

The statistics unearthed by the survey, which was conducted on 1,000 adults by one of the UK’s leading building societies, the West Brom, showed that people living in the North West have not lost their appetite for saving, despite the current low interest rate environment and economic uncertainty over Brexit.

Some 68% expected to save the same amount of money in the next 12 months as they did last year, while 55% said they would like to save more, but do not currently have enough disposable income to do so, while 13% said they would prefer to live for today rather than save for tomorrow.

David Taylor, the West Brom’s Head of Products, said: “It is reassuring to see that the majority of people in the North West, particularly in these uncertain economic times, see themselves as savers.

“Putting money aside figures strongly in people’s minds and they believe it’s important to build themselves a financial buffer,” he added.

The study also revealed how people in the region were starting to think beyond the humble savings account, showing a willingness to consider investing money in alternative ways.

The survey revealed 13% were prepared to look at investing in stocks and shares and 10% agreed that property might provide a means of boosting their cash pot. Peer to peer lending, Premium Bonds, and even investing in material goods such as classic cars and fine art were also mentioned.

However, a frugal streak was also revealed, as less than 15% claimed that they would accept a greater overall level of risk with their money in order to increase their potential chances of getting a better return.

David added: “Diversifying their investments can help some people get more out of their money, albeit with careful consideration for any risks involved. Our survey showed that people do generally have a strong grip on their finances and regularly review their financial position, something we would strongly advocate at the West Brom.”