Rural residents spend rather than save
Almost a fifth of those living in the country are more likely to overspend each month than put some cash away for the future, according to NFU Mutual.
The insurer has revealed that only a quarter of rural people are currently saving for their long-term future, while almost a fifth are likely to spend more than they earn in a month. For those who do save though, putting something aside for a rainy day is more important to rural inhabitants than saving for a specific item or goal.
On average, rural households spend £60 per week more than their counterparts in urban areas. While they do spend more on necessities, such as transport, household goods and services, and education, rural households also report a higher spend on cultural activities than urbanites, according to NFU Mutual.
Meanwhile, those living in urban areas spend significantly more on fuel and power, as well as their health. The latter is perhaps not so surprising since urban households spend more on items such as alcohol and tobacco than rural households.
Laura Wood, spokesperson for NFU Mutual, said: “Although spending on the whole outweighs saving, it is reassuring that rural people are still willing to put some money aside for a rainy day and also enjoy themselves a bit too.”