Londoners Not Good At Keeping Hold Of Money

By london_ken Last edited 138 months ago
Londoners Not Good At Keeping Hold Of Money
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No, we're not talking about a load of used notes stashed away in some depot in Tonbridge, we're actually referring to this week's winner of the 'most pointless bit of PR masquerading as research' award. Step forward, and hang your heads in shame, Halifax Bank. According to the story on myfinances.co.uk, which looks like it's simply parroted a press release word-for-word without any semblance of editorial input (also note the photo it's decided to use to go with the story - at least our photo has a modicum of financial relevance), the bank decided to snoop on the accounts of its own savers. The people of Ceredigion in Wales apparently save 65% of their average annual salary, whereas the profligate residents of Kensington & Chelsea save only 12% of their stipend.

The message from our friendly bank? Well, naturally Londoners should be saving more, seeing as we're so bad at putting our money away. And what better place to do it than in a savings account which pays interest at less than the rate of inflation so that you're effectively losing money by just putting it somewhere 'safe'? Forget the fact that London is a more expensive place to live, that the salaries are higher because of this, that it's better to pay for things straight off rather than rack up loan debts. Those residents of Kensington & Chelsea had better wise up to the fact that their spending on property and other investments just doesn't make for pretty statistical reading as far as the vanilla 'understandable' financial products go, and places like the Halifax are here to make sure you get back on the straight and narrow.

Thank you, Halifax, for research like this for we would be facing a life of penury were it not for your intervention.

Last Updated 24 February 2006