When it comes to putting something side for a rainy day, the biggest savers are in the south – but the region also features more than half of the local authorities where savings levels are at their lowest.
The ‘South-South’ disparity is driven by the split between prosperous south-est areas and more deprived areas of Greater London – South Buckinghamshire tops the list for the highest average savings balance at £13,459, which is more than three times that of Hackney, which stood at £4,246.
Across England and Wales the average savings balance was £7,830 at the end of September.
Richard Fearon, head of Halifax Savings comments: “Whilst we have come to expect a variation in savings balances in different areas, any assumptions that the difference is purely on a north-south basis are clearly unfounded.”
Savers, on average, have a savings balance that is equivalent to 29 per cent of gross average annual earnings
Women have an average savings balance (£8,015) that is six per cent higher than those held by men (£7,538).
Women also save more in relation to earnings than men across all areas of England and Wales. Overall, women have an average savings balance equivalent to 40 per cent of their gross average annual earnings, compared to men who have an average savings balance equivalent to 22 per cent.
Mr Fearon added: “Whilr women have slightly higher savings balances than men, the fact that they save almost double the amount of their earnings would suggest that saving is greater priority to women and they manage their money more effectively to be able to do this.”
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