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The BIZ: We're lacking in the savings graces.

MERSEYSIDERS are the worst at saving money in the country.

A survey conducted by Essex university found only two-fifths of Britons save money on a regular basis, putting aside an average of pounds 161a month.

Researchers found on average northerners save the most as a percentage of their income,putting aside 10.2% of their earnings, compared with Londoners who save 8.3%.

But people living on Merseyside saved the least, only keeping back around pounds 110 a month, or 5.4% of their annual salary, followed by those living in Scotland, who put aside pounds 129or 6%.

The research was based on the British Household Panel Survey, using a sample of 10,000 people.

Similar figures from Abbey National building society show people living in London save the most at around pounds 245a month, but those in the North are not far behind saving around pounds 222.

The survey found savers on Merseyside are most likely to be putting cash aside towards a holiday, while people in Greater Manchester tend to be saving to buy a house. Londoners are most concerned about putting money aside for their old age,and those in the North are saving their cash to finance home improvements or buy a new car.

Manchester is the only region that has seen a decline in the amount saved, with the average falling from pounds 161in 1993 to just pounds 154now.
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Title Annotation:Business
Publication:Liverpool Echo (Liverpool, England)
Date:Dec 29, 2003
Words:234
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