London children 'biggest savers'

Children in the London borough of Harrow save the most, according to a survey from Halifax, with an average balance of £2,193.

According to Halifax, which released the report highlighting savings for customers under 16, London children have the highest levels of savings, with an average of £1,379 – 62 per cent higher than in Scotland, where the average balance is £853.

The report also shows that boys have higher average savings balances (£1,073) than girls (£1,024); a difference of five per cent.

Martin Ellis, chief economist at Halifax, said: "There are wide variations in savings held by children across the country with the under 16s having the highest balances in Greater London, but children in the West Midlands, South East and Northern Ireland are not far behind.

"Children save the least in Scotland. Saving at an early age helps play an important part in your child's future; learning savings habits early on in life can help ensure young people understand the value of having savings."

Of the 25 local authorities which hold the lowest average savings balances 14 are in Scotland.

The lowest, however, is in Gosport, Hampshire, with an average balance of £673.