People in the West of Britain are keener to save than those in the East, according to Icelandic bank Kaupthing Edge.

Research from the bank found that one-in-four people from the South West and Wales intend to save more money than their eastern counterparts despite a third predicting that the UK is heading towards a major recession, compared to 16% of people in the East.

Kaupthing’s research also showed 73% of people from the South West and Wales are more concerned about their finances than they were six months ago, while 67% from the East are more worried about their money.

Ashley Whittaker, head of retail savings at Kaupthing Edge, said: “Our research clearly shows that the majority of the UK is expecting to feel a financial pinch this year, with 87% in the South West and Wales thinking we face either a recession or a slowdown in the next year.

“With the majority of people worrying about their finances, it is increasingly important for people to find the best possible home for their savings. In today’s environment of economic uncertainty, savers need to ensure they maximize returns on their money.”