Britons saving for 5-and-a-half months of rain

Wednesday, 30 August 2006 12:00

The average Briton has enough money saved up to last for five months and 17 days of 'rain'.

New research from Birmingham Midshires shows that UK residents would be able to survive for a total of 167 'rainy days' using their easily accessible savings.

"For a long time we've been vocal in recommending that Britons have at least three months salary in savings to cover those unexpected costs that lurk around the corner," said Jason Robinson, director of savings operations for Birmingham Midshires.

"It is encouraging to see that we are taking heed of this message and are actually saving double this amount."

At the average UK salary, three months' income is equivalent to £4,128, but on average Britons have some £7,548 in the bank, Birmingham Midshires reveals today.

But the bank still thinks more can be done.

"To see this grow even further it is very important to find the best rate of return on their hard earned savings," Mr Robinson said.

Figures from Birmingham Midshires show that men are saving more than women at £10,912 per person, more than twice as much as the average woman (£4,443).

Additionally, people save more the older they are - with under-30s having just £1,468 in easily accessibly savings a person, compared with the over-50s who have an average of £13,684 saved up.

Regionally, southerners have the most savings each - at £10,199 per person. Residents of Scotland have almost as much in the bank, at £10,130 each.

Midlanders, Londoners, and residents of Wales have between £7,500 and £8,100 each in the bank on average, while northerners have the least saved up - at an average of £4,095 each.

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