Chester residents are amongst the most savings-savvy in the region, according to a survey by Cambrian Associates.
56 per cent of people living in Chester have sought financial advice in the last 12 months – the highest of any of the localities surveyed – with 31 per cent having done so in the last six months. This is compared with a regional average of 35 per cent for having had financial advice in the last year and 27 per cent in the last six months.
22 per cent have had a review of their savings and investments, either personally or through a financial adviser, in the last 12 months.
And, despite 51 per cent describing their attitude to risk with money as careful (along with the majority of the region), 44 per cent of residents prefer ISAs and Unit Trusts to safer cash savings, showing that confidence in the economy’s growth over the coming months and years is high.
“The results show that residents of Chester have had, on average, the most regular reviews of their savings and investments compared with those surveyed in other parts of the North West and North Wales,” says Cambrian Associates managing director Roger Taylor. “And they remain well-informed about the direction the economy is taking: we are entering into a period of rapid growth so now is the time to be looking at saving through ISAs and Unit Trusts, where the returns are likely to be considerably higher than from cash.”
Worryingly, though, 11 percent of respondents currently have no savings and 23 per cent have never taken financial advice.
Cambrian Associates has been surveying residents of the North West and North Wales about their saving habits and attitude to risk for the last two months.