London home to big spenders, finds Lloyds TSB

12 April 2005
That most Londoners have deep pockets might not come as a surprise, when most high earners are concentrated in the capital; but research from Lloyds TSB Plus Account has revealed that London's inhabitants are just as keen to spend money as they are to earn it.

According to the bank's quarterly Urban Spenders survey, which compares the average current account balance across the country, the average London balance is £2,279 - but this is almost cancelled out by their overdraft, which is also the highest in the country at an average £879.

The average current account balance across the UK falls significantly short of London at £1,650, but is higher than that in almost all northern cities - Newcastle leads the northern rich list with an average balance of £1,510, higher than Liverpool (£1,446) and Manchester (£1,400).

"This Urban Spenders research shows us that whilst people might think that the more money you have the less likely you are to go into the red, but this isn't so and certainly proves the old saying 'the more you have the more you spend'," comments Gordon Rankin of Lloyds TSB Plus current account.

"People with money seem confident to utilise their overdraft and credit cards and it demonstrates these urbanites' modern approach to money management."

Glasgow was bottom of the class with an average current account balance of £1,221, but also showed that Glaswegians are the most careful with money - their overdraft balance was also the lowest, coming in at £224.

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