Yorkshire is one of the most financially confident places in the UK outside of London

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

In our recent study, we found that Yorkshire residents were the most confident about their finances when asked how comfortable they expect to feel in retirement.

Outside London, the only region surveyed that was more confident than Yorkshire was Birmingham, with Leeds and Sheffield feeling more confident than Scotland, the North West, Bristol and Cardiff.

London 51.75%
Birmingham 50.88%
Yorkshire 45.39%
Edinburgh 45.21%
Glasgow 43%
Manchester 41.75%
Bristol 41.18%
Cardiff 35%
Liverpool 34.73%

They also felt less concerned about finances in retirement than anywhere else in the country; only 13% said they would need to be very careful about their budget in retirement, compared to higher percentages in all other areas surveyed.

Yorkshire residents are also more in control of their debt than most of the UK, with just 12% currently paying off debts. When –compared to the rest of the UK, Yorkshire residents  are in less debt than the residents of every city surveyed – except Birmingham and Bristol.

Glasgow 17.5%
Edinburgh 17.39%
Cardiff 17%
Liverpool 15.97%
Manchester 15.15%
Yorkshire 11.83%
London 11.99%
Bristol 11.11%
Birmingham 10.25%

However, despite their healthy attitude towards debt,  Yorkshire has the highest number of people not saving money at all; 26% said they were not saving anything.

Is this a sign of a lack of disposable income, or a frivolous attitude towards money?

The survey also highlights that only 25% of Yorkshire residents were saving for luxuries in life (such as a dream holiday or new car): the lowest in the UK.

This could show that the people of Yorkshire do not see these luxuries as necessities, though the fact that they also lead the way in the numbers of non-savers again highlights their more frivolous attitude.

Paul Walsh, CEO of Local Financial Advice says:

“It’s great to be based in a county that feels so financially confident, and the fact that we have such a wide network of local financial advisors to help Yorkshire residents further achieve their financial goals is good news, too.

“Though there are still concerns over the fact that savings figures aren’t where they should be, and it’s a shame to see that people aren’t able to afford some of the more luxury things in life.”

The full nationwide stats can be found here.

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