Despite the recession and interest rates falling to historic lows, more than half [53 per cent]of Brits feel the recession hasn’t negatively impacted their savings habits during 2009, with a proportion saving more, according to new research from Barclays.
In Birmingham the research reveals that 38 per cent haven’t had their savings habits negatively impacted by the recession and 13 per cent are actually saving more as a result, mainly due to better paid jobs, mortgage payments reducing and not going out as much. Around a third of people are saving less mainly due to people not having the money and 16 per cent of people are not saving as they don’t think it’s necessary or are not disciplined enough.
Andy Gray, Head of Savings for Barclays said: “This research clearly demonstrates how people have reacted to the recession and perhaps changed their lifestyle in order to boost and/or maintain their savings. The sharp lessons of the recession haven’t been lost on people. We’re hopeful that this is an enduring change – the beginnings of a lifetime habit that will help see them through further good and bad times.”
Regional figures reveal attitudes towards savings during the recession in some of the UK’s largest towns and cities. Aberdeen, Harrogate and Brighton overall felt least negatively impacted. In fact, around a whopping 70 per cent of respondents in these areas claim either no impact or a positive impact on their savings. This is compared to Colchester and Gloucester where the figure drops to 38 per cent. More than a third of savers in Northampton are saving more as a result of the recession, the highest proportion in the UK.
The full figures per city that felt no impact or a positive effect of the recession on their savings are as follows: