UK Money News
1st April 2008
Regional divide in saving habits detected
A new study has revealed a regional divide in the financial habits of the nation as Britons face up to rising costs and deepening economic gloom.
In Legal & General's Money Mood Survey 31 per cent of Londoners described themselves as in a mood to spend money, compared to just 23 per cent of Northerners.
Meanwhile, 70 per cent of Northerners are planning on saving more cash - while just 57 per cent of Londoners are set to do the same.
The survey also found while 20 per cent of Northerners are struggling with household outgoing, just six per cent of Londoners are suffering a similar plight - a statistic that could explain the disparity.
Julia Clayworth, head of marketing at the wealth management division of the firm, said: "Whilst the overall spending and savings patterns haven't changed dramatically this month, what we have noticed is a growing regional difference in spending and savings habits.
"Although it is worrying to see nearly 20 per cent of people in the north region can’t pay their monthly bills at the moment, it is reassuring that people are acting in a responsible manner by spending less on going out and entertainment."
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