Back to September 2015

Savers start early in the South West and East Anglia

Scots and Londoners show good financial habits later and Welsh are keenest savers

Britons' savings habits have been laid bare by new research from Leeds Building Society.

And the survey by Leeds Building Society* revealed the variety in attitudes and behaviour in different parts of the UK.

The Welsh were found to be the keenest savers, with 90.0% saving for the future, compared to the national average of 78.75%.

Across all parts of the UK the most commonly held savings pot amounted to between £1,001 and £5,000.

People in East Anglia, the South West and Northern Ireland were most likely to have started saving as children (15 or under), while Scots and Londoners more commonly adopted the habit between the ages of 25 and 27.

In the South West most savers put away between £101 and £200 each month, compared to all other parts of the UK, where the most popular amount for monthly saving was £100 or less.

Emergency funds, holidays and house moves were the most common reasons for saving, but savers differed in what they would sacrifice to reach their goal – in the East Midlands people were more prepared to give up gadgets and beauty treatments over family outings, while in Scotland savers preferred to ditch their gym membership and cut back on new clothes rather than limit their holidays.

"Even with the varying popularity of saving across difference parts of the UK, the majority of all people surveyed – more than two-thirds – are savers," said Jaedon Green, Leeds Building Society's Director of Products.

"We were set up as a building society 140 years ago by people who chose to save so they would be able to buy the homes they wanted.

"Our founders prized the virtues of thrift and prudence – in an age of quick and easy credit nowadays, it's interesting that people are still prepared to put money aside and wait to buy the things which matter most to them."

Ends

Notes to Editors

*Leeds Building Society surveyed 1,000 people through OnePoll in August 2015.

Awards won by Leeds Building Society in the past 12 months include the 'Innovation Award (Lenders)' at the Mortgage Finance Gazette Awards 2015, in addition to being named 'Best Intermediary Lender', both for the second consecutive year. The Society also received the award for 'Best Use of Technology (Lenders)'.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.