Around three-quarters of people in Wales stay within their budget according to new data.

Approximately 69 per cent of the population have good financial resilience, with the ability to live within their means.

Furthermore, new data reveals that on average, these individuals save 13 per cent of their personal income every month, despite believing they should be saving as much as 20 per cent of their income.

The data from HSBC UK shows that 17 per cent of these individuals save their money immediately after being paid, highlighting a level of financial responsibility within the population.

With about 75 per cent sticking regularly to their spending budgets, Welsh respondents demonstrate a commitment to financial stability.

A clear pattern has emerged among the younger population too.

Nearly nine in ten (87 per cent) 16-24-year-olds in the UK have a savings account.

Further data suggests one in four of the population save part of their earnings as soon as they receive it.

Notably, Gen Z proved to be the biggest savers, with 48 per cent setting aside 20 per cent or more of their monthly income.

This trend seems to decrease with age, as only 12 per cent of 45-54-year-olds do the same.

The launch of 'Savings Goals', a new feature on the HSBC mobile banking app, aims to encourage this saving behaviour.

The feature allows customers to identify, plan for, and manage their savings goals.

By choosing from short-to-medium-term goals and setting target dates and amounts, customers can automate transfers of funds into their savings account and thereby track their progress.

HSBC UK’s head of everyday banking, Pella Frost, expressed enthusiasm for the new tool, saying: "Saving money can be easier when you have a goal in mind.

"With Savings Goals you can make a plan for achieving your aims and contribute on a regular basis.

"This is another step forward in helping our customers build great savings habits and achieve financial resilience."

Pella Frost also advised potential savers to review their budgets before opening an account.

In addition to this, HSBC UK has launched its first Fixed Rate Cash ISA in more than a decade.

Offering an interest rate of 4.60 per cent, this complements existing variable interest rate Loyalty Cash ISAs.

Pella Frost added that fixed rate ISAs can be a suitable solution for short-term financial objectives like holidays or car purchases.

Despite these positive findings, the research highlighted some issues.

It found that 20 per cent of the population do not stick to their savings budget while a further 11 per cent do not have one at all.

HSBC UK now offers free financial health checks to assist with budgeting and saving.

Among other findings, 20 per cent of 16-24 year-olds reportedly own an easy access cash ISA.

When it comes to financial matters, 34 per cent of people value customer service above financial performance (28 per cent). Unfortunately, 27 per cent of respondents claimed to be unable to save any money each month, and 28 per cent reported they could only save 1-10 per cent of their income.