MidBritain panel on Finance
Read what MidBritons had to say about finance
MidBritain is financially astute and well prepared for retirement. With an extensive portfolio of financial products they like to be kept up to date with the financial world.
- 8 in 10 say they are in control of their finances
- A small proportion, (4%) admit their finances are in a mess
- 9 in 10 have used online banking, and 61% do so each week.
MidBritain has a wide range of financial products with an average of 12 each
Most commonly owned products:
- Current account
- Credit card
- Home contents insurance
- Savings/Deposit account
- House buildings insurance
These products are on general spread across 6 different financial services providers
The most popular:
- Nationwide
- Halifax
- Barclays
- Lloyds TSB
- Tesco
MidBritons are good at managing debt. Even when the ownership of credit cards is high
- On average they own 3 credit cards and 2 store cards on average however most (62%) prefer to pay off their balance each month.
- Being good with their money means that a quarter take advantage of 0% finance offers.
- MidBritons with outstanding debt in loans, or credit cards owe an average of £2800.
MidBritain are savvy savers and investors, and they spread their financial portfolio to limit risk
- Over half have investments
- Over 9 in 10 have put away some money for a rainy day
- A quarter say that the recent increases in interest rates to won’t affect their spending
Meet the property tycoons
- More than 9 in 10 own property. Valued at average of £310,000 almost half are completely mortgage free.
- 13% own more than one property
- 1 in 10 have property overseas – most commonly in Spain or France
- A further 5% plan to buy overseas in next 2 years.
MidBritain is ready for retirement
- Four in ten are currently retired/planning to retire in the next year
- A further fifth hope to take an early retirement
- Three-quarters have a pension, but only half of them are relying on it.
- Instead, MidBritons have a number of financial products to fund their retirement - most commonly property, investments and savings.
Source: BMRB; Base: 1,257 MidBritain Mail Readers; Survey date: September 07
