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Consumers in the North West hunt down
money saving deals instead of bulking up their savings
WHETHER it is regularly saving money
into a bank account or saving money through discounts, the same word is used;
saving. Despite these words meaning very different things, new research reveals
only 28% of consumers in the North West realise there is a distinctive
difference between the 2. The new report from TopCashback.co.uk, the UK's most generous cashback shopping
site, finds that 75% of consumers in North West consider themselves a saver, yet
only 39% frequently put money into a savings account.
33% of consumers believe being savvy with their spending and getting a discount
is more important than saving regularly (27%). This accounts for why a huge 80%
consumers in the North West spend wisely with 55% doing so every time they shop.
Adam Bullock, UK Director of TopCashback.co.uk, said:- "Our research
highlights an issue with what people consider saving to be. Although consumers
in the North West typically save ₤48 each month by using discounts, it may
not be enough when it comes to saving for a car, home or later life. People
could be better off by making their money work harder for them. It is likely
people are spending wisely to make ends meet, making it tricky to put away any
leftover cash. But, if people aren't putting this money aside into a savings
account, the efforts of spending wisely will not have an impact on actual
savings and the need to make ends meet each month will only continue."
While 49% of consumers in the North West see the money they save from spending
wisely as cash they can put aside or spend elsewhere, 37% see the lower cost as
the final price, and therefore not a saving at all.
Consumers also believe the negative effect of not spending wisely is more
detrimental than not having savings. Consumers in the North West see not having
savings as not being able to pay for unexpected expenses (67%). Yet, 51% believe
not spending wisely results in not being in control of their finances.
The research also shows 40% of people find it easier to spend well rather than
save compared to just 25% who believe the opposite.
Adam Bullock continued:- "Although spending wisely can seem like the easy
option to take control over your finances, it's important consumers try to put
away what they can into a savings account regularly and allow it to build up.
With cashback, consumers can save on their spending and allow it to build up,
instead of simply spending the remaining cash left in their bank account, and
then transfer it straight into a savings account."
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