THRIFT IS A THING OF THE PAST FOR MOST PEOPLE IN THE SOUTH WEST, 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 SOUTH WEST, 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 SOUTH WEST, AS LONG-TERM SAVING GIVES WAY TO SPENDING AND DEBT
IFA Promotion launches a campaign to help the South West 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
Two thirds of adults in the South West claim they can't afford to save more than they currently do, and 1.1 million (28%) people claim they can't afford to save anything. But two thirds (71%) 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, “Two thirds of adults in the South West 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.
How does the South West 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 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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