Home Business Insights & Advice Are the highest earners the savviest savers? New survey reveals London’s saving habits

Are the highest earners the savviest savers? New survey reveals London’s saving habits

by Sarah Dunsby
20th Dec 18 5:07 pm

New research by UK online lender, Sunny, has revealed the money habits of the average person living in the region of London including how much they save on a monthly basis, what they’d sacrifice to save more and where they choose to invest their savings.

Sunny surveyed people living in and around London to reveal if the nation’s highest earners are clued up on savings, investments and financial terminology.

As some of the UK’s top earners, there’s no surprise that people living in and around London invest their savings in some shape or form. With 28% of people surveyed suggesting they don’t have any investments at all, the remaining 72% choose to invest their money and savings.

So, where do Londoner’s choose to invest their savings?

  • Personal pensions – 23%
  • ISA’s – 21%
  • Workplace pensions – 18%
  • Stocks and shares – 14%
  • Property – 14%
  • Premium bonds – 10%
  • Investment funds – 9%
  • Cryptocurrency – 4%

Unsurprisingly, people living in the London region invest more in commodities such as wine, gold, art and jewellery, more than most other regions. The study shows 9% of Londoner’s are more likely to invest in these goods compared to just 1% in the neighbouring South East.

 The new study also revealed:

  • Almost a quarter (24%) of London residence believe they spend money on things they shouldn’t.
  • 28% admit they would find it somewhat difficult to give up their social lives e.g. eating out at restaurants and nights out with their friends in a bid to save more money.
  • Despite being savvy savers, 15% of Londoner’s feel their financial shortcoming is down to not knowing enough about money matters, higher than any other region.

For a full breakdown of the survey results, you can view their new infographic here – https://sunny.co.uk/good-vibes/are-you-a-savvy-saver/

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