A report that was released by the City watchdog has discovered that more than one in 10 or 13 percent of adults in the United Kingdom have no savings at all.
In the north of the nation, an even higher proportion was found to have no funds in reserve. In the North West and in the in the North East, 17 percent and 16 percent, respectively, were did not have any savings at all.
The numbers are compared to only 10 percent in the South West and nine percent in the South East.
The report was released by the Financial Conduct Authority (FCA). It was based on a survey that was conducted with 13,000 adults in England. It also discovered there was a notable difference in the way that people in rural areas handled their finances as compared to their urban counterparts.
The survey discovered that rural residents did not use online banking, however, they also usually had difficulty going to a bank, as a larger proportion of adults (13 percent) had a long-term health condition.
More than half or 51 percent of the people who are living in rural areas mainly depend on the state pension in order to get by, as compared with the 37 percent of adults who are living in urban areas. Experts have cautioned that by itself, the state pension is not likely to be sufficient to provide a comfortable standard of living for the retirees.
Despite the said findings, over a quarter or 27 percent of adults who are living in the rural areas were contented with their financial circumstances, as compared to the 20 percent of adults who are in the urban areas, and only 16 percent of the Londoners
Those in the urban areas tended to have higher levels of debt, as seven percent had high-cost loans as compared with the five percent in the countryside.
The chief executive of the FCA, Andrew Bailey, stated:”This survey shows just how different the experience of financial services is for consumers across the country. That’s important for us, as we shape financial services policy. But it is also important for firms, as they decide how best to serve their customers.”