PEOPLE in Tameside are finding it harder to put money aside compared to the rest of Greater Manchester, according to new research that highlights growing financial strain across the borough.
The study, commissioned by Manchester Building Society, reveals that the average person in Tameside has £9,531 in savings – almost £6,000 less than the Greater Manchester average of £15,420.
Worryingly, a quarter of Tameside residents – 24 per cent – say their savings would last them less than a week if they had to cover everyday living costs.
On average, people in the area say their savings would last 2.6 months, while 27 per cent report having enough to last six months or more.
Despite the challenges, there are signs of financial resilience. Almost three-quarters of residents – 73 per cent – are saving regularly, putting away an average of £247 each month.
However, nearly half – 43 per cent – say they’re finding it difficult to save, and over a quarter – 27 per cent – admit to feeling anxious about their savings situation.
Deborah Walker, Development Director at Manchester Building Society, said: “While it’s great to see that plenty of Tameside residents are building up impressive amounts in their savings accounts, our research also shows that others have very little set aside for life’s unplanned expenses.
“Most people are optimistic they’ll be able to save more in the future, but I know at times it can feel tough to find someone you trust to talk to about your savings and how to make your hard-earned money work harder.”
The research also found that more than half of Tameside residents – 56 per cent – are hopeful they’ll be able to save more in the future, while one in five – 19 per cent – say they’re happy with their current savings habits.
When it comes to financial goals, people in Tameside are most likely to be saving for emergencies, holidays, and retirement.