12 March 2008
- People from the South West and Wales are most concerned about their finances and almost a quarter vow to save more.
- Scots are least inclined to increase their savings– in fact nearly half (43%) intend to save less.
- A third of the West of the UK predict a major recession
One in four people from the South West and Wales vow to save more despite a third predicting that we are heading for a major recession, according to new research by Kaupthing Edge, the online retail financial services offering of Iceland’s largest bank, Kaupthing and its UK subsidiary, Kaupthing Singer and Friedlander.
Compared to their Western neighbours, only 16% of people in the East of the UK are intending to save more over the next six months and Scots are the least likely to save more with 15% planning on increasing their savings.
Regions that will save the most
| Region | % that will save more |
| West (South West of England and Wales) | 24% |
| London | 24% |
| North (North West and East of England, Yorkshire and the Humber) | 22% |
| Midlands (East and West) | 20% |
| East (East and South East of England) | 16% |
| Scotland & Northern Ireland | 15% |
Kaupthing’s research also shows that the majority of the UK is more concerned about their finances than they were six months ago. A staggering 73% of people from the South West and Wales are more concerned about their finances, and a further 67% from the East of the UK are worried about their money.
Ashley Whittaker, Head of Retail Savings at Kaupthing Edge comments:
"Our research clearly shows that the majority of the UK is expecting to feel a financial pinch this year with 87% in the South West and Wales thinking we face either a recession or a slowdown in the next year.
With the majority of people worrying about their finances, it is increasingly important for people to find the best possible home for their savings. In today’s environment of economic uncertainty, savers need to ensure they maximize returns on their money and our new Kaupthing Edge instant access savings account offers exactly that. Kaupthing Edge combines a highly competitive rate with great interest rate guarantees, and the flexibility to transact on line."
Kaupthing Edge offers a leading instant access savings account offering a best buy rate of 6.50% AER with the best rate guarantee currently on the market of at least 0.3% above base rate until 1st February 2012.