Halifax research shows women in south-east save most in UK

Friday, 02 December 2011 04:26

There appears to be a north-south divide in the UK when it comes to savings, new research from the Halifax has discovered.

According to its newest study, customers in the south of England are putting away almost 13 per cent more money that their counterparts in the northern regions.

The average balance in the south is £8,734, whereas the corresponding figure in the north is £7,759 - for the UK as a whole, the balance is £7,788.

However, there were some extremes within these averages. The biggest savers could be found in East Anglia with an average balance of £9,172 for the region in its entirety, while people putting the least amounts of money aside were in Scotland (£7,332).

When looking at the figures locally, 18 of the top 20 savings areas were in southern England, with south Buckinghamshire at £13,500 and Kensington and Chelsea at £13,366.

The Halifax also discovered that women tend to be better at saving than men, stashing 40 per cent of their gross annual earnings rather than 23 per cent males managed.

Martin Ellis, an economist at Halifax, commented: "Saving habits can differ greatly, with many savers putting away spare cash for an event such as a holiday or wedding, however, it is still important to plan for the long-term future, such as saving for retirement."

In August, Monetary Policy Committee member Martin Weale warned Britons that they are not saving enough to afford a comfortable lifestyle during retirement and urged them to move from consumerism to saving.

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