Financial Confidence Across the UK

1 Jun 2015 | COMMENTS: 0 | Author: Ryan Smith | General

Local Financial Advice recently surveyed a number of respondents across the country about their financial confidence.

Out of 2,000 respondents, across 10 cities we looked at how secure people expected to feel in their retirement, and what savings funds, if any, they are presently contributing to and for what purpose.

The raw data results are below:

Q: How confident are you about being financially stable in your retirement? (Please select most applicable answer):

Very comfortable*

Reasonably comfortable Long-term concerns Limited Income

Serious Concerns

London 12.57% 39.18% 23.68% 14.33% 10.23%
Bristol 9.15% 32.03% 32.03% 13.73% 13.07%
Glasgow 11.50% 31.50% 23.50% 22% 11.50%
Sheffield 10.49% 34.97% 25.17% 11.89% 17.48%
Edinburgh 11.30% 33.91% 20% 25.22% 9.57%
Manchester 7.07% 34.68% 26.26% 18.86% 13.13%
Cardiff 3% 32% 27% 25% 13%
Liverpool 6.94% 27.78% 27.78% 22.92% 14.58%
Leeds 11.33% 33.99% 24.14% 15.27% 15.27%
Birmingham 10.95% 39.93% 20.14% 15.55% 13.43%

Q: Are you currently saving for any of the following circumstances?

Purchase of a property

Pension savings A dream holiday A new car A wedding

A home improvement project

London 22.22% 28.07% 23.68% 15.50% 8.48% 14.33%
Bristol 20.92% 21.57% 15.69% 9.15% 7.84% 9.80%
Glasgow 14.50% 19.50% 18% 10.50% 5.50% 11.50%
Sheffield 13.29% 21.68% 10.49% 9.79% 4.20% 14.69%
Edinburgh 20.87% 23.48% 21.74% 14.78% 5.22% 18.26%
Manchester 21.21% 21.89% 18.86% 13.13% 7.07% 14.48%
Cardiff 15% 26% 19% 20% 8% 16%
Liverpool 11.11% 17.36% 13.19% 8.33% 4.17% 14.58%
Leeds 20.20% 22.66% 15.76% 14.78% 4.43% 10.34%
Birmingham 24.03% 32.16% 21.55% 19.08% 10.25% 16.25%
Saving for dependents Stocks and shares investments Saving but for nothing in particular Paying to get out of debt None – Not saving anything Other
London 9.36% 8.48% 20.47% 11.99% 13.74% 2.05%
Bristol 9.80% 3.92% 17.65% 11.11% 26.14% 1.31%
Glasgow 10% 5% 20% 17.50% 22.50% 2.50%
Sheffield 6.29% 4.90% 22.38% 8.39% 26.57% 1.40%
Edinburgh 7.83% 9.57% 26.96% 17.39% 14.78% 1.74%
Manchester 6.73% 8.75% 22.22% 15.15% 19.53% 0.67%
Cardiff 13% 2% 23% 17% 17% 4%
Liverpool 7.64% 4.17% 22.92% 15.97% 28.47% 1.39%
Leeds 6.90% 9.85% 26.11% 15.27% 21.18% 0.49%
Birmingham 10.95% 7.42% 22.26% 10.25% 18.73% 2.12%

 

*Full answers:

Very comfortable – I expect to be very comfortable in retirement

Reasonably comfortable – I expect to be reasonably comfortable in retirement.

Long-term concerns – I’m fairly secure, but I worry about running out of money as I get older.

Limited Income – I will need to budget very carefully in order to maintain financial security in retirement.

Serious Concerns – I am very worried about how I’m going to make ends meet in retirement

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