23/01/2012

Year on year the number of people who say they're in the mood has levelled at 69 per cent, but the number of women who say they're in the Mood to Save has increased markedly.

To view a chart showing the latest figures click on the link on the right - MoneyMood Survey® MOOD TO SAVE 2012

The relative positions of the sexes are reversed compared to last year, when more men were in the mood to save than women. The percentage of women who say they are in the mood to save has increased to 72 per cent from 67 per cent last year. However, the percentage of men who say they are in the mood to save has fallen slightly to 66 per cent (70 per cent in 2011).

1,2,3,what are we saving for?

Perhaps the increase in the "Mood to Save" among women is linked to a change of focus in what we're saving for this year. Analysing the results of the Survey, the top two things the nation said we're saving for have not changed - top again this year are:
Saving for a rainy day = 66 per cent
Saving for a holiday = 57 per cent
However, here is a marked increase in saving for things that help to manage household finances this year. The biggest increase in items we're saving for are:
Savings for home improvements or decorating = 50% (35% in 2011)
Saving to pay a household bill = 49% (33% last year)
To afford petrol/fares to work = 26% (13% in 2011)
To pay off credit card debt = 21% (12% a year ago)
For some new clothes = 30% (20% in 2011)

Commenting on these findings Mark Gregory, Legal & General Executive Director Savings said; "The focus of saving has shown a significant shift to managing the household bills as people continue to struggle against the rising costs of utilities and fuel with little expectation of an increase in income to help soften the blow. Our latest figures indicate that very few people (only 7%) expect their household earnings to go up faster than inflation this year and even fewer (3%) expect their savings to match inflation. Budgeting, to meet short term needs to pay bills and avoid sinking into debt, has become the prime focus of millions of households up and down the country. But we would urge people not to neglect their long-term needs, such as saving for retirement, because of today's immediate concerns."

REGIONAL DATA

Across the UK the number of households saying they're in the "Mood to Save" has remained level year on year. But the Mood has shifted significantly in a number of regions. Over the same period the "Mood to Save" is much higher in the N East, East and West Midlands, East Anglia and up slightly in Wales. In both the South East and South West more households are in the "Mood to Spend" and we have seen a significant drop in the "Mood to Save".

Region
Mood to Save Q1 2011 %
Mood to save Q1 2012 %
Change
Number of households in Mood to Save
Based on Households per region (million)
N East
69
62
-7
Down 56,000
0.8
N West
59
67
+8
Up 184,000
2.3
Yorks and Humberside
64
62
-2
Down 36,000
1.8
E Midlands
68
76
+8
Up 128,000
1.6
W Midlands
70
86
+16
Up 280,000
1.8
East Anglia
63
77
+14
Up 280,000
2.0
London
68
68
=
No Change
2.7
South East
69
64
-5
Down 145,000
2.9
South West
76
71
-5
Down 85,000
1.7
Wales
65
67
+2
Up 20,000
1.0
Scotland
74
70
-4
Down 68,000
1.7
N Ireland
Not audited
Not audited
N/A
Not audited
0.6
TOTAL
69
69
=
No change
21.0

Source - Office for National statistics 2010, Legal & General Estimates, MoneyMood surveys.

SURVEY - METHODOLOGY

Research for the Legal & General MoneyMood Survey was carried out by TNS Omnibus.
Telephone interviews were conducted among a nationally representative sample (in GB) of around 1,000 adults (age 18+) between 13-15 January 2012, 1-3 April 2011 and 19-21 February 2010.

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.


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