Mansfield is one of the top ten areas of the country where residents feel financially better off than they did twelve months ago, revealed a savings study* analysed by us.
The Nottingham has retained an ethos of helping people to save and have a roof over their heads ever since we were founded by Quaker Samuel Fox exactly 170 years ago, so we were keen to delve into the data highlighting the UK areas that feel they are making the right strides forward financially.
Whilst London came out top of the pile in the study of nearly 175,000 residents, Mansfield (fifth) was the only East Midlands location to make the top ten, with 66% of people happier with their financial status than a year ago:
1. London (93%)
2. Hyndburn (76%)
3. Rugby (70%)
4. North Hertfordshire (68%)
5. Westminster (66%)
8. South Bucks (63%)
10. Waverley (62%)
The findings were announced close to the start of a new tax year (6 April), known in financial services as ‘ISA Season’, a time when many look to boost - or start - that all-important savings habit with a tax-free account.
Julie Walker, assistant branch manager of our Mansfield branch, said: “It might surprise some to see Mansfield in the top ten, however our view is that it is a real positive to build on.
“We know from conversations with our members how important it is to them to save wisely so they are in the best financial position possible. More and more people are coming to us every day to talk about how they can better protect themselves and their families financially in the future.
“There’s been a lot of interest in our range of ISAs as people look to maximise tax-free savings options.”
The research revealed that 14% of people in the UK have less than £100 in savings and only 5% have between £1,000 and £1,999 saved. However, nearly a fifth (18%) of people revealed their accounts exceed £10,000, and 5% said they have over £100,000 put away.
With regards to what people are saving for, over a third (34%) said travel or holidays, with 28% as a rainy day fund. Retirement was the third most popular life event to save for with a fifth (20%) preparing for their golden years and one in seven (14%) saving for a house deposit.
*All research taken from YouGov using a range of data from 3,653 to 173,666 residents of Great Britain aged 18+.