I got an interesting graphic from RBS/NatWest who surveyed their customers about what they’re saving for. The interesting result is the dichotomy between the regions, where it shows that Southern British are saving to buy a house whilst Northerners, Scots, Welsh and Irish are all taking holidays.
Something about how unaffordable homes are in the South there, methinks.
Anyways, as it’s an August bank holiday week, I’m sharing this here.
People who set a savings goal are aiming to save £7,000 over the next 12 months, with those who set a goal saving double compared to those without a goal.
Saving for a home is the UK’s top goal as people aim to save more than £13,000 over 15 months, according to NatWest’s new Savings Index. Londoners are the most likely to be saving for a home, with one in four in the capital setting a savings goal of £19,500. Those in the North East of England are the least likely to be saving for a home with just one in six people setting an average target of £9,300.
Savers in Yorkshire and Humberside are the most likely to be saving towards a car while in Scotland one in four savers are saving for a holiday. By contrast Londoners are the least likely to be saving to get away but are most likely to be saving for a rainy day. Overall, one in seven Brits are saving for a rainy day with a savings target of £5,500 over 11 months.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
