AXA - Be Life Confident

Give a Brit £100 and they're most likely to bank it - rather than head for the shops or a night on the town according to new research released today. AXA's National Spending Profile Study reveals that the majority of today's Brit's are putting their frivolous ways aside to build for the future.

For those of us who will enjoy a bonus this year, 32% will use it to pay off a credit card bill and a sensible two thirds (66%) of the UK population will maximise their money by saving the extra influx of cash, rising to a huge 72% in Wales. Also revealed in the study:

• A family focused 42% invest for the future
• Over a third (38%) of the population would bank a 'free' £100
• Only 7% blow their money on the more 'disposable' fashion and holidays

The findings show that Brits can be split into four different spending personalities - the money growing Bankers, family focused Builders, hope for the best Bingers and care-free Blitzers.

Building family values

It seems that old-fashioned family values still strike a cord - the largest group is the 'Builders'; 42% of Brits say they work hard to afford the good things in life and invest and save what they can to protect their family and future.

• The Midlands is the capital of Builders: 50% of its population state they save and invest what they can for their family
• It seems that people in the North (Scotland and the North-East) are the most generous towards their family, with over one quarter (26%) saying they would spend their £100 on family. This contrasts with only 8% of the Welsh population!
• Given £100, one fifth of the population (20%) said they'd use it to treat their friends and family - that's second only to banking it

A Nation of Bankers

Just under a fifth (17%) of Brits claim they want to make their money work harder for them. Given £100, 38% of the population would head straight to the bank - given a larger bonus and nearly twice as many (66%) would save it.

• Anglia is the hotspot for Bankers, 23% admit to long-term financial planning
• Wales is the capital of the nation's £100 Bankers, with half (49%) saving it, far higher than the national average of 38%
• Nearly one third (30%) of Scots however would bank their £100 windfall
• Brits are also keen to clear their debt, nearly one third (32%) claim the first thing they would do if they received a bonus would be to pay off their credit card

Binge Spenders

Although the majority of the population focuses on future planning, there are some who are less spending savvy! Bingers, who make up nearly one fifth (18%) of the UK population, ashamedly admit they have the best intentions at heart and should invest their money, but admit they find it all confusing.

• This is personified by your typical Londoner, with nearly one third (29%) frittering away money on unnecessary purchases (CDs, coffee etc). Over one in ten of these (12%) say it is because they have too little time to plan their purchasing
• Your typical Binge Spender is likely to be independent and child-free with over a quarter single (27%)
• It is the fashion conscious Scots who are most likely to head for the shops with £100. Nearly one fifth (18%) say the first thing they would do is update their wardrobe, over four times as many as in the Midlands or Wales (4%)

Blitzers

Happy to admit they spend money like it grows on trees, a Blitzer's main concern is foie gras and fashion rather than nest eggs and slippers. Luckily there aren't too many of them - only 7% of Brits admit they are a Blitzer.

• Despite increased warning of spending beyond our means, most Brits seem to take a sensible approach to their £100. Only 8% admit they would blow their windfall on a night out (8%)
• You are most likely to meet an indulgent Blitzer in the North West, with over half (51%) claiming they would spend a cash lump sum on new clothes or a holiday rather than invest or save it

Pat Brady, AXA comments, "AXA's study into the nation's spending habits gives an insight into our attitude to money and how we like to spend it. Whether you are in pursuit of the latest fashion trend like the North West's Blitzers, or prefer saving for the future and splashing out on the family, like the Midland's Builders, we would encourage everyone to identify their spending style so that they are better placed to manage their finances."

You can find out your spending profile by visiting the AXA Spending Profile

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