Spending habits differ from North to South
There is a growing divide between the spending and savings habits in the North and South of Britain, according to Legal & General.
Research from the insurer found that 31% of Londoners were in the mood to spend this month, compared with 21% of people in the North. When asked about savings, 70% of Northerners were in the mood to save, compared to just 57% of Londoners.
Legal & General’s research also found that nearly 20% of people from the North said they were spending more on bills and debts than they earned, compared to 15% in London. In addition, a quarter of Londoners said they spent nothing this month on going out, while 45% of Northeners sacrificed their nightlife in order to cut back.
Julia Clayworth, head of marketing at Legal & General Wealth Management, said: “We have noticed is a growing regional difference in spending and savings habits. In times of financial uncertainty it is more important than ever for people to keep a close eye on their spending and budgets.
“Although it is worrying to see nearly 20% of people in the North 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.”