17/11/09 - Money Mapping
Following the unveiling of last week’s biggest every UK lottery winners, new research from The Co-operative Bank Current Accounts reveals the nation’s current attitudes to money. The findings show the average person in Britain has £3,492 in savings, but actually dreams of having an amount that is 188 times higher at £656,723.
However the research shows that this varies throughout the country, with people in East Anglia wishing for £868,000, whereas people from the North East would be content with just £389.000.
|Region||How much money would you be ‘content’ with?|
In a typical month, the average person saves £219, spends £195 on non-essential items, has £345 of disposable cash and overspends by £150.
Overall the research does show that we are becoming more financially aware, with three quarters of people (72%) now spending within their means, three fifths of people (67%) setting themselves a budget and almost nine tenths (86%) of people checking their bank statements regularly.
John Hughes, Director of Retail Banking for The Co-operative Bank comments: “It is encouraging to see that people are taking a close interest in their finances and by monitoring spending and saving regularly, people can ensure they have the money set aside to pay for any unexpected events.”
The research highlights that Londoners are the worst at sticking to their budget, overspending by an average of £195 a month, followed by people from Scotland, who overspend by £164 and Wales at £154. However the findings also show that Londoners are also the most likely to save, putting aside an average of £296 a month, followed by those from the East Midlands, saving £241 and East Anglia who save £232.
When looking at the reasons for this, the findings uncover the events most likely to trigger overspending, which include Christmas (51%), a partner’s birthday (35%) and a holiday (34%). However over one in five people still overspend on more everyday events, such as the weekly supermarket shop (19%), food (17%) and clothes (19%).
|Which of the following are you most likely to ‘overspend’ on||% of people|
|2. Partner / Spouses Birthday||35%|
|3. Main holiday||34%|
|4. An unplanned shopping spree||22%|
|5. A night out with friends||21%|
|7. The weekly supermarket shop||19%|
|8. A weekend break||18%|
|9. Children’s birthday||17%|
John Hughes continues “It is also important that people look to regularly review their financial situation and ensure that they have the right bank account for their needs.”
For further information please contact
Catherine Laycock / Alejandra Solis
The Co-operative Financial Services Press Office
Tel: 0161 903 3833 / 3808
Email : email@example.com / firstname.lastname@example.org
More information on The Co-operative Bank’s Current Accounts can be found at
Notes to Editors
Research carried out in November 2009 by onepoll.com on behalf of The Co-operative Bank amongst a geographically representative sample of 3,000 adult respondents.
About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport. There are also 1,000 face-to-face financial advisers throughout the UK.
As part of The Co-operative Group, the new business will be characterised by its unique ethical and member reward policies and very high levels of customer advocacy.It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is ran.