Friday, July 24, 2009
Category:
Secured Loans
Research recently conducted by moneysupermarket.com has shown that half of the UK adult population say they can’t afford to save.
That said, less than half of the UK’s non savers would use extra cash to start saving if they had it. According to the research, non savers believe they need to earn over £500 extra per month in order to start saving.
52 per cent of UK adults say that they cannot afford to save anything. This equates to 25 million people. In a separate survey non savers said that if they had extra income in excess of £518 a month, they would spend this on holidays, home improvements, gadgets, clothes and going out. Less than half of non savers say they would use any extra income to save.
Among those that said they needed more money before they would be able to save, the higher earners said they needed the most to start. Respondents who earned over £32,000 per annum said that they needed more than £720 extra per month in order to start saving. Those who were earning less than £30,000 said that they would need an average of £453 per month in order to start saving.
With regard to geographical locations, those living in Scotland are said to be least interested in saving with 11 per cent saying this. Those living in London say they would require an extra £619 per month in order to start saving. People saving most regularly were found to be living in the South West and North West. Almost one in two adults put money by every month. When it comes to age, those in the 40 – 49 age group are most unlikely to save on a regular basis, a third do however save every month.
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Those homeowners who are looking to carry out their next big home improvement project, and have not yet saved for it, could consider funding it with a
secured loan. Secured loans are one of many options to fund home improvements and may be of interest to those who are looking to carry out large scale projects such as adding a garage or a conservatory. Smaller scale projects such as fitting a new kitchen or bathroom may also be funded with a home improvement loan.
