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Peer2Peer Finance News | July 18, 2019

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Family time trumps finances, but saving money is a struggle

Family time trumps finances, but saving money is a struggle
Marc Shoffman

PEOPLE may groan about poor savings rates and getting on the housing ladder, but when it comes to priorities they still rank spending time with family at the top, whatever their wealth.

Research by Lloyds Private Banking has found that 47 per cent of people who feel wealthy say spending time with family is most important, followed by building a nest egg of savings (31 per cent).

In comparison, 54 per cent of people who feel they are struggling financially say that spending time with family is their main priority, but the second biggest focus is maintaining their level of income, which was cited by 28 per cent of respondents.

The study, based on a poll of 2,500 adults, found Londoners and those living in the South East felt the most well off, with average household incomes at £53,950 and £43,800 respectively.

Respondents in the North West felt the least wealthy, where the average income is £32,030 and just eight per cent said they felt well off.

Read more: Saving shortfall looms as UK inflation hits two-year high

However, a fifth of respondents in both the South East and Wales respectively said they were struggling financially, above the national average of 16 per cent.

Sarah Deaves, private banking director at Lloyds Private Bank, said: “When it comes to the important things in life, spending time with family surpasses everything else, and for many it is even more important at this time of year. This is also the time when people reflect on the year just gone, take stock and make plans for the year to come.

Read more: Autumn Statement: What does it mean for savers?

“As part of this, the New Year brings an opportunity for people to review their finances, weighing up the important things that are ahead, whether that is a new car, buying a house or planning for retirement. Putting a considered financial plan in place is really important to help people get in control, making the journey towards meeting these goals much more achievable.”