Research from Kantar Media TGI has found that 18% of British
adults agree with the statement: 'I tend to spend money without
thinking', far higher than our neighbours in France (7%), Spain
(8%) and Germany (8%).
The Kantar Media TGI team say matters of money and spending have
been pushed to the forefront of consumers' minds around the world
in recent years, even more so than would be considered typical for
such important considerations.
The proportion of adults who believe they are no good at saving
money varies widely, even across key Western European markets. In
Germany, 31% of adults believe they are no good at saving money,
compared to around half this proportion (16%) in Spain and France;
British adults are caught somewhere in the middle at 22%.
Ownership of a savings account is a good indication both of
disposable income and of consumer financial prudence. In the key
western European markets, France and Germany are the most frugal,
with 80% and 73% of consumers respectively owning a savings
account, compared to 61% in Britain and 57% in Spain. For Germany,
this may seem at odds with figures revealing that German consumers
are particularly likely (compared to those in neighbouring markets)
to believe that they are no good at saving money. But it appears
likely that it is this very belief that makes them leading savers.
If they are in a cycle of self-guilt, believing they could be
saving more, then they are more likely to be doing something about
Elsewhere in the world, 87% of Chinese adults have a savings
account, in Brazil the figure is 56%, while in Russia only 12% of
adults have one.
We can get a clearer picture of the culture of saving in
different markets by looking at how long consumers have had savings
accounts. In Europe, again, it is German consumers who are clearly
the European saving champions, with 37% of them having had a
savings account for more than 10 years, compared to 31% of Spanish
and only 18% of Brits. This is also reflected in regularity of
their saving. 41% of Germans pay in to savings accounts every
month, compared to 30% of Brits and 28% of Spanish.
Source : Kantar Media