Edinburghers UK’s second most risk-inclined savers

Residents of Edinburgh are the second-most likely in the UK to choose an adventurous investment portfolio for their ISA savings number, according to research on the saving and investment habits of Brits from investment platform Moneybox.

In fact, both Edinburgh and Glasgow boast more adventurous savers than London.

The data also shows that there is a North/South divide - the average Southerner saves just over 18 per cent more of their income than the average Northerner.

Londoners save the most each week - while the average overall saving across Moneybox’s 90,000 users was £25 per week.

The people of Southampton are prepared to take the most risk when it comes to investing for the future, according to detailed analysis by investment platform, Moneybox, of its 90,000 investors in the 17/18 ISA season.

More inhabitants of Southampton – 53.3 per cent - opted for the ‘Adventurous’, global equity-heavy option when investing their weekly savings through the Moneybox app than any other UK town or city.

At the opposite end of the scale were the people of Hull, where just 45.3 per cent of residents went for the Adventurous option when squirreling money away into their Moneybox accounts.

The second and third most risk-tolerant cities were Edinburgh and Sunderland, with 53.0 per cent and 52.9 per cent of inhabitants respectively placing the majority of their weekly savings into global shares, with the balance in property and cash funds.

At the national level, Southerners are generally more risk tolerant, with 50.7 per cent opting for an Adventurous portfolio compared to just 48.6% of Northerners. For the full risk map of the UK based on Moneybox’s 90,000 strong national user base, see the table below.

Wherever people live and whatever their individual risk profile, what’s striking is the amount people are investing every week, particularly given that the average age of a Moneybox customer is just 31.

Through its popular ‘round ups’ feature, Moneybox has managed to help the UK’s young people start saving and investing towards the future simply by setting aside the spare change from their morning coffee (and their avocado on toast).

The average weekly saving of the 90,000-strong Moneybox community during the 17/18 ISA season was an eye-opening £25, equating to £100 every month.

Londoners, perhaps unsurprisingly given the capital’s higher average incomes, are investing the most through Moneybox, squirreling away an average of £36 for the future every week. The people of Sunderland and Belfast are joint bottom, investing just £19.

In a typical week, Southerners saved £27.71 towards their future goals, while Northerners managed to set aside £23.45 — 18.2 per cent less but still a very respectable average monthly figure of £94.

The comprehensive Moneybox analysis found that men are more risk-tolerant overall, with 65.4 per cent selecting the Adventurous option for investing their money compared to 54.1 per cent of women.

Ben Stanway, co-founder, Moneybox, said: “It’s fascinating to see how people’s investing behaviour varies across the UK’s towns and cities. In the current ISA season, the people of Southampton have proved to be the most adventurous whilst Londoners are contributing the largest amount per week.

“What’s particularly encouraging is the number of people getting into the habit of investing every single week. Contrary to popular belief, this proves that Millennials are absolutely willing and able to plan towards their future and are already taking smart steps to make it happen.“