Alliance & Leicester recently surveyed 2,000 people to see what they would do with an extra £250. Surprisingly, 60% of people said they would choose to save the money, be it over the short or long term. The other 40% said they would spend it.
When Alliance & Leicester broke the results of the survey down into regions the people saving the most were in the East Midlands. The biggest spenders were in the South East, saying they would spend the money on repaying debts or on their families.
Our View
The Government needs to take notice of this survey, especially when only 2% of people surveyed said they would save the money for retirement or education for their children. As always, day to day living, holidays and going out take precedence to saving for the future.
If the Government want us to save for our retirement, it is going to have to be compulsory!