Geographic information may hold the key to your financial success and/or downfall new studies reveal.
A leading investment bank has recently conducted a study to find out where the UK’s best savers reside, and the results may not be what you’d expect.
The old adage relating to the Scots and their uncanny ability to hold on to their cash, was in part, proved to be correct. Accordingly, the average Glaswegian sits on top of a cash pile equating to around £15,000, which is impressive. However it’s a mere drop in the ocean compared to 1/6th of residents in Edinburgh, who have managed to accumulate saving of around £30,000.
Back in England, East Anglian residents seem to be just as good with their finances as those in Edinburgh, with around 10% of people amassing a similar figure. On the other side of the coin, people living in the North West are said to be the worst at saving.
With analysts suggesting further rises in interest rates, if there has ever been a time to consider saving a percentage of your hard earned cash, now could be it. Having a little put a way is always a good idea, it helps lesson the blow if you experience sudden financial difficulties and can be called upon for such luxuries as a new car or a well-earned holiday. On top of that, learning to save lessons your dependence on other forms of credit such as loans or extending your overdraft facility.
