Consumer: A quarter of people are ‘struggling with finances’

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People across Yorkshire have admitted struggling to manage their finances well, according to a recent survey.

A study into savvy shopping, which was commissioned by TalkTalk, found Yorkshire men and women were the most likely to let money slip through their fingers than any other region in the UK.

Over 50 per cent of those asked admitted they let cash slip on a regular basis - seven per cent more than the national figure.

A quarter of people in Yorkshire also admitted struggling to manage their finances, with just over seven per cent admitting never living within their means.

Nearly a third of people in the region said they currently had debts - with the average amount owed standing at £4,953 per person.

However the survey also found Yorkshire had the biggest savers per month - putting away an average of £128, the third highest region in the UK, behind East Midlands and London.

And the amount saved per person was £4,361, second only to London.

The survey found 45 per cent of people in Yorkshire said they were most likely to put their money into savings, while only 19 per cent said they would spend it.

A separate study into spending habits - by Cyldesdale and Yorkshire Banks - has already revealed people fail to watch their pennies while on holiday

The banks’ study found more than a quarter - 27 per cent - do not budget and just spend as they go.

A further 10 per cent admitting not thinking about money when they are on holiday, and just dealing with it when they get home.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “Everyone has their own idea of a dream holiday, for some it’s relaxing with family and friends whilst for others it’s heading off on an adventure in a faraway location.

“Regardless of the destination, it is important that people still manage their finances to ensure money doesn’t mar their enjoyment and that they’re not still paying for their holiday months later.”

The research also revealed the differing attitudes to holiday spending between men and women, with men taking a more relaxed approach and almost a third happy to spend as they go. A further 10 per cent of men admitted not thinking about money or how much they have spent.

In comparison, a quarter of women said they set a budget and make sure they stick to it, while another third set a budget but don’t mind if they exceed it.

26 April 2017.......      Richard Kirby, who runs Outdoor Classrooms Ltd at The Sawmill - Crossfield Farm in 
Calverley. Picture Tony Johnson.

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