THRIFT IS A THING OF THE PAST FOR MOST PEOPLE IN THE EAST MIDLANDS, AS LONG-TERM SAVING GIVES WAY TO SPENDING AND DEBT

24 November 2003

THRIFT IS A THING OF THE PAST FOR MOST PEOPLE IN THE EAST MIDLANDS, AS LONG-TERM SAVING GIVES WAY TO SPENDING AND DEBT

24th November 2003

THRIFT IS A THING OF THE PAST FOR MOST PEOPLE IN THE EAST MIDLANDS,
AS LONG-TERM SAVING GIVES WAY TO SPENDING AND DEBT

IFA Promotion launches a campaign to help the East Midlands rediscover the 'lost art of budgeting' - people can visit www.unbiased.co.uk/getsaving or call 0800 085 3250 for a free guide to how to get saving

Three quarters of adults in the East Midlands claim they can't afford to save more than they currently do, and 930,000 (28%) people claim they can't afford to save anything. But 75% of adults in the region continue to splash out on unnecessary luxuries, often taking on extra debt to fuel their spending sprees, according to a study* published by IFA Promotion, the organisation promoting the benefits of independent financial advice

David Elms, Chief Executive of IFA Promotion, says, “Three quarters of adults in the East Midlands say they can't afford to save more, if anything at all. But a similar number are finding ways to replace big ticket items like cars and home entertainment systems that are not broken or faulty. We're urging people to take control of their budgeting so that they can enjoy some of life's luxuries now, without jeopardising their future financial security.”

IFA Promotion has launched an awareness campaign to encourage people to start budgeting better, and put more money away for their futures. People can find guidance, budgeting tools and information at www.unbiased.co.uk/getsaving or by calling 0800 085 3250 for a copy of IFA Promotion's new 'Join the Saving Revolution' guide.

-more-

How does the East Midlands stack up?

Region	% that can’t afford to save more	% claim to not be able to save anything at all	% not able to add to savings	% that have replaced major items that weren’t broken in the last year	% that wont forego luxuries to increase savings
East Anglia	42	27	69	75	55
North East	37	27	64	70	42
North West	44	23	67	78	46
Yorkshire / The Humber	45	27	72	77	49
East Midlands	50	28	78	75	52
West Midlands	38	29	67	82	39
London	30	31	61	72	45
South East	45	24	69	73	51
South West	37	28	65	71	42
Wales	38	35	73	68	49
Scotland	35	29	64	71	43
UK total	40	27	67	73	46

-ends-

For expert comment or case studies from over 170 media-friendly IFAs, journalists should call IFA Promotion's Media Services hotline on 020 7294 3682 or search online in 'Media Services' at www.unbiased.co.uk

For further information call
David Elms, Chief Executive Richard Winder/ Liz Willder
IFA Promotion Lansons Communications
020 7833 3131 020 7294 3641 / 77 or mailto:lizw@lansons.com

* Is thrift a thing of the past? report was produced for IFA Promotion by RAKM, and is partly based on an analysis of Inland Revenue, ONS, DWP Family Resource survey, Bank of England and ABI along with a specially-commissioned face-to-face consumer survey of 2,000 UK adults (16+), conducted by BMRB during August 2003. With detailed queries on the report, call Paul Hersey at RAKM on 01737 216 940. For a full copy call IFA Promotion's Media Services hotline on 020 7294 3682, or download a pdf version from www.unbiased.co.uk/getsaving

Notes to Editors

1. Independent Financial Adviser Promotion
IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents over 10,000 firms of independent financial advisers across the UK and is sponsored by 28 leading financial institutions. In 2002, over 300,000 consumers and businesses used IFA Promotion to find local independent financial advice.

IFA Promotion's believes Independent financial advice should be:

Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.

Convenient. IFAs should be available in the location of the consumer's choice, wherever they live in the UK.

Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

Independent Financial Adviser Promotion's sponsors

AXA	Norwich Union Life
Bright Grey	Old Mutual Asset Managers
BUPA	Prudential
Canada Life	Scottish Equitable Plc
Children's Mutual	Scottish Life
Clerical Medical Investment Group	Scottish Mutual Assurance Plc
Eagle Star	Scottish Provident
Friends Provident	Scottish Widows Plc
GE Life	Selestia
GMAC-RFC	Standard Life Assurance Company
INVESCO Fund Managers Ltd	Skandia UK Group
Legal & General	Winterthur Life UK Ltd
Mortgage Express	Zurich Life Assurance Company
National Savings & Investments

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THRIFT IS A THING OF THE PAST FOR MOST PEOPLE IN THE EAST MIDLANDS, AS LONG-TERM SAVING GIVES WAY TO SPENDING AND DEBT

24 November 2003

THRIFT IS A THING OF THE PAST FOR MOST PEOPLE IN THE EAST MIDLANDS, AS LONG-TERM SAVING GIVES WAY TO SPENDING AND DEBT

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