Rural residents a community of spenders

Only a quarter of rural people are now saving for their long term future, according to research by NFU Mutual. Instead, almost a fifth of countryside dwellers are more likely to overspend each month.

For those who do decide to save though, saving for a rainy day is more important to rural inhabitants than saving for a specific item or goal.

Not only do rural dwellers across the UK not save for the long-term, almost half (44%) of all rural people do not think that life insurance is a priority for them either. In fact, only one in ten see it as important for protecting family and dependents.

Laura Wood from NFU Mutual says, "The fact that only a small proportion of rural dwellers view life insurance as a priority is a huge worry. They may believe that living in a rural community provides them with closer links to their wider family and friends who would take care of their dependents if the principal wage earner was not around. However, this could be a risky strategy and the value of protecting your family should not be underestimated."

But what do rural people spend their money on?

On average rural households spend £60 per week more than their urban counterparts, but they spend more on the necessities of life like transport, household goods and services and education. However, they do still have some time for fun with spending on culture higher than for urbanites.

Urban people spend significantly more on fuel and power but there is also a major focus on the good life. Urbanites spend more then their rural counterparts on restaurants and hotels, clothing and footwear, communication and even alcohol, tobacco and narcotics. Maybe it is not surprising then that they also spend more on their health!

Laura Wood from NFU Mutual concluded, "Although spending on the whole outweighs saving, it is reassuring that rural people are still willing to put some money aside for a rainy day and also enjoy themselves a bit too."