As the Friends Life t20 reaches a climax this weekend, all attention is on who will win the coveted trophy for 2011.
It has been an exciting competition and this weekend will see last year’s finalists Hampshire and Somerset pitted against each other, while Leicestershire face Lancashire, who made it to finals day by beating Sussex by 20 runs last week.
However the Friends Life t20 trophy is not all that is at stake, as this month they asked how each of the finals day counties would fare in an “alternative” county competition, testing financial prudence and independence. Residents from Lancashire, Hampshire, Leicestershire and Somerset were asked about their personal finances, and the results revealed some interesting truths about the nation’s attitudes.
Lancashire were bowled out in the Friends Life competition with regard to savings, with over a quarter of those asked in the county (29%) admitting that they never put money aside. This was in sharp contrast to the other counties, including Leicestershire, where only 18% of people admitted this.
Similarly, a staggering three-quarters (76%) of Lancashire residents were found to have not started saving for a pension – a much greater proportion than people from the three other competing counties (59%).
The Friends Life survey also revealed that Lancashire did not fare well when it came to other forms of protection, with almost two-thirds (64%) of those surveyed having no life insurance, compared to just 45% of those in the other areas.
When combined, these statistics paints a worrying picture for residents in the North West, who are already struggling with increasing levels of unemployment since the recession.
Although Hampshire may have smashed it for six in terms of savings, they didn’t fare so well when it came to other protection, with 41% saying that they had not taken out life insurance.
Karen Burrell, head of marketing services, Friends Life, said:
“Although times are hard for many at the moment, making sure that we have the appropriate cover in place is vital to ensuring that those closest to us are protected. These findings reveal a gap in certain regions that is worrying. Taking control of our finances now will mean we will be protected further down the line, despite current economic uncertainties.”
Overall, the survey revealed a growing number of financially savvy investors as well as exposing some real gaps in cover. Region by region, Somerset arguably exhibited the most financial independence with an average of 13% of income being put away in savings each month. Hampshire lagged behind in terms of financial autonomy, with just 9% of income being invested in saving for the future.
Source : Standard Life
