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Brits Financial Habits
7/3/01



A new national e-MORI survey conducted for Internet portal Lycos.co.uk has revealed some interesting financial intentions and saving patterns amongst the British public. One of the key findings has been that teenagers are more conscientious about saving their money than those aged over 45.

This latest research, intended for the launch of Lycos’ new Money Channel, details that over a third (36%) of the 15 to 20 year old age group are looking to invest in more long-term plans, for example homes (26%), pensions (6%), investing on the financial market (7%) and private healthcare (4%). At the same time, two thirds (68%) of 15 to 34 year olds want to save more money in 2001, despite their reputation for spending cash on CDs, clothes and going out. This represents a staggering 11 million people who claim that they want to save more. In contrast, Brits aged 35-54 are most likely to be saving for unforeseen circumstances.

Other key findings from the survey include:


  • Half (53%) of the British population would like to save more money in 2001 and three in ten (31%) people would like to spend less.

  • Work hard, play hard is the British mantra. Nearly half the population will be putting money aside to go on holiday this year, and a fifth (20%) of the nation can't save as much as they want, due to going out for drinks or food.

  • Londoners spend more on clothes and going out compared to those in the South West or Scotland. Some 35% cannot save as much as they want to because of buying clothes, going out for drinks, and eating out compared to 24% in Scotland and 22% in the South West.

  • Despite the April 2000 collapse on the stock market, Britons have not lost all faith in the financial markets. Some 9% would like to invest their money on stocks in 2001.

According to Alex Kovach, Managing Director of Lycos UK, the research shows that there are distinct groups of Brits who want to make their money work for them. "We were genuinely surprised that the younger generation has taken this sensible approach to saving! The great news about The Lycos Money Channel is that it offers both experienced and novice customers with free, simple, intuitive guidelines and advice into the world of finance. For the more experienced users there is financial advice and solutions which are ideal for those hoping to improve their money management. Other services include a savings calculator, investment ventures, advice on the stock market and tips for starting your own business."

Alnoor Samji, Partner at e-MORI, added that, "e-MORI research shows that more than half (54%) of 15 - 20 year olds have access to the Internet. This research for Lycos shows that they are ambitious. With determination and easier access to information, they stand a better chance of achieving their objectives - if they aren't seduced by on-line shopping first!"

The research was conducted in 2,073 adult interviews from 4 to 8 January 2001, a part of a GB MORI Omnibus. Data were weighted to match the known population profile.