Yorkshire folk financially better off than people in Lancashire

Steve Shaw — Fri, 25 Jul 2008 11:59:07 +0000

Yorkshire folk are among the most financially comfortable in the UK and half as likely as people in Lancashire to struggle with their money according to research from leading debt management provider, Chiltern.

Only one in 15 Tykes said their finances were a struggle compared to one in seven in Lancashire and one in nine nationally.

Nearly nine out of 10 people in Yorkshire said their household finances were comfortable or very comfortable, compared to just one in seven in neighbouring Lancashire and one in eight across the UK.

The research also revealed that Yorkshire folk are the least likely in the UK to make only the minimum monthly payments on their credit and store cards, one in 19 against one in ten throughout the UK.

Worryingly though, the number of people who considered themselves to be seriously overstretched was slightly above average, which reveals there may be an underlying problem.

Chiltern‚Äö√Ñ√¥s Joanne Gill says: ‚Äö√Ñ√∫On the whole, Yorkshire people are handling their personal finances well, however the number of people declaring they are seriously overstretched is cause for concern.

‚Äö√Ñ√∫As the effects of the recent interest rate rises start to be felt this number could well increase as people, who were previously comfortable, find they have less money in their pockets each month after mortgage and loan repayments.

‚Äö√Ñ√∫If people in Yorkshire start to find it difficult to keep up with their monthly commitments, it‚Äö√Ñ√¥s best to seek advice or help sooner rather than later. Unfortunately ignoring the problem doesn‚Äö√Ñ√¥t make it go away.‚Äö√Ñ√π

Key findings

2.5 per cent (one in 40) of Yorkshire folk said their finances were seriously overstretched compared to 4.1 per cent (one in 24) in Lancashire and 2.2 per cent (one in 45) nationally.

Research Findings

Household finances by gender

Gender	Struggling	Over-stretched	Paying in full	Minimum payments
Female	14.2%	2.0%	36.9%	11.6%
Male	7.7%	2.5%	38.8%	7.8%
Average	10.9%	2.2%	37.8%	9.8%

Household finances by age

Age	Struggling	Over-stretched	Paying in full	Minimum payments
16 – 24	11.2%	0%	23%	7.9%
25 – 34	10.6%	1.7%	37%	11.5%
35 – 44	11.4%	3.1%	43.8%	10.7%
45 – 54	14.8%	4.9%	42.3%	13.7%
55 – 64	12.5%	2.2%	44.8%	9.8%
65+	6.9%	1.4%	36.1%	5.4%
Average	11%	2.2%	37.8%	9.8%

Household finances by region

Region	Struggling	Overstretched	Paying in full	Minimum payments
East Anglia	11.2%	0.7%	48.4%	12.1%
Lancashire	14.6%	4.1%	28.9%	14.8%
London	13.2%	2.0%	45.8%	7.7%
Midlands	8.1%	1.1%	35.6%	10.2%
North East	6.2%	0.8%	43.6%	9.4%
Scotland	8.1%	2.0%	22.1%	10.1%
Southern	15.4%	1.2%	42.7%	10.6%
Wales	9.7%	3.9%	36.2%	6.9%
Yorkshire	6.5%	2.5%	39.6%	5.2%
Average	11%	2.2%	37.8%	9.8%

Yorkshire folk financially better off than people in Lancashire is a post from: TheDebtPeople.co.uk

TheDebtPeople.co.uk » Yorkshire folk financially better off than people in Lancashire

Yorkshire folk financially better off than people in Lancashire