Your Money: Saving up among financially secure

The number of households who say they are financially stable has increased by 7% in the year to October 2014, a survey by Legal & General has found.

In a survey of 1,000 adults, 47% said they have money left over after paying off monthly bills and debts. Of these, those who can afford to save are putting away an average of £120 per month – a 17.5% increase on July 2013.

The research also revealed:

  • 1.47 million homes now feel financially secure, if the 1,000 respondents are taken as representative of the wider population
  • there was a 6% fall in the number of homes saying they were struggling to cover bills
  • Londoners are saving an average of £265 per month, up £166 per month compared to 2013
  • Wales and the South West saw a fall in monthly savings.

John Pollock, CEO of Legal & General Assurance Society, said 2 important indicators suggested a recovery among household finances:

“Firstly, almost 1 and a half million more homes say they now have some money left over after paying bills and debts. The second indicator is an increase in the amount saved on average each month, suggesting that more families who have money left over are putting money into savings.

“We hope the improved strength of household finances will eventually mean that more people will be able to return to saving for the long term.”

Get in touch with the Jack Ross team to discuss your savings plan on 0161 832 4451.