Lack of savings keeping residents in the North West up at night
NEARLY 1 in 7 Brits are kept awake at
night over money worries, impacting their day to day lives. A study by TopCashBack.Co.UK, reveals that it's a lack of savings that's making residents
in the North West toss and turn with more than a quarter quoting savings as
their biggest financial worry.
64% of residents do not have the recommended 3 month 'safety net' of
savings set aside and only 48% have a 'stash' put away for a rainy day.
The study also found that just 45% of residents put savings into a pot each
month. Despite worrying about their lack of savings, 41% of those in the North
West admit to 'splurge' purchases that they either cannot afford or later
regret.
When it comes to stressful financial situations, 40% of residents say they would
find being cut off from their gas or electriCity provider the most stressful and
32% would find being refused to withdraw money at a cash machine the most
worrying.
However, when it comes to saving money, 83% of residents shop in the sales, 47%
buy in bulk and 46% shop out of season.
Other key findings reveal that:-
► 21 to 40 year olds, in the North West, worry most about their lack of savings.
► 41 to 60 year olds worry most about not having enough money for retirement.
► Those over 60 worry most about not being able to maintain their current standard
of living.
