Back to September 2016

Leeds members’ life lessons learned Building society members share financial insight

Most financial education comes from parents and grandparents, according to Leeds Building Society members.

The Society asked members on its TalkingPoint member forum* about financial lessons they’d learned and whether they regretted any choices they had made.

Almost all (98%) said it was important for parents and grandparents to teach children how to manage their money, although only 40% felt there was enough support available to help them do this.

A similarly high proportion – nine in 10 – felt that managing finances should be a mandatory part of the school syllabus.

However, despite the lack of such formal financial education, the most common response from members (38%) was that they had no regrets financially.

The financial choices most people regretted were:

  1. Investing in the wrong thing – 31%
  2. Not saving enough – 19%
  3. Not budgeting enough or being savvy enough with money – 14%

People were more likely to have financial regrets around savings behaviour than in relation to taking out a mortgage.

And when asked for the best financial advice they’d received, half the respondents (50%) recommended getting on the property ladder as soon as possible.

Almost two in five (38%) advocated saving a set amount of money every week, which was the next most popular answer.

Other simple tips from members:

  • Pop your loose change in a savings jar
  • Keep on top of bills and pay off credit cards in full every month
  • Join a share scheme if your workplace offers one
  • Spread the risk – don’t keep your money in the same type of savings product
  • Start saving into a pension as soon as possible
  • Learn to budget and don’t buy things you don’t need

“We were set up as building society to help people save and have the home they want,” said Richard Fearon, Leeds Building Society’s Chief Commercial Officer.

“We’ve been helping our members do this for more than 140 years so can draw on that experience and knowledge in supporting them to reach the right decisions for their needs and circumstances.”

Ends

Notes to Editors

Infographic for financial planning

*The survey, which was undertaken through Leeds Building Society’s customer panel ‘TalkingPoint’, sought the views of 209 members in the month of September 2016.

Leeds Building Society won the awards for Best Building Society Savings Provider and Innovation in Personal Finance (Part and part mortgages) at the 2016 Moneyfacts Awards.

The Society received the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2016, the third consecutive year it has won this category, as well as the award for ‘Product Innovation (Lenders)’.

The Society also has been named ‘Best Regular Savings Account Provider’ for the second consecutive year by independent consumer advice website Savings Champion.

Leeds Building Society has 65 branches throughout the UK, Gibraltar and Ireland and assets of £14.9bn (at 30th June 2016). The Society has operated from the centre of Leeds since 1886.