Londoners are the best savers in the country

5th February 2016

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People living in the capital are the best savers in Britain, putting away over £1,000 a month on average.

 

A survey by Charter Savings Bank revealed Londoners are putting away £1,096 each month, five times more than those living in the North East where monthly savings average £221.

 

Savers in Wales are saving the second largest amount at £671 per month, just over half of the sum saved by a Londoner.

 

And in third place are savers in Yorkshire and Humber who save £574 a month on average.

 

Despite its proximity to London, the saving success of Londoners hasn’t rubbed off on those living in the South East, who trail behind Yorkshire and Humber and Wales, saving £552 a month on average.

 

However, the figures for all regions would be far lower if the number of people saving nothing each month was factored in as only those who saved regularly were polled.

 

A total of 27% of those in the North East do not have any savings at all. Nearly a quarter (24%) of those in the North West and 22% of those in the West Midlands do not have any savings.

 

Paul Whitlock, director of savings at Charter Savings Bank, said: ‘While it may come as little surprise that Londoners are saving more each month that most, it is encouraging to see that in every region across the UK people are getting into the savings habit.

 

‘With people up and down the country demonstrably putting money away each month, savers must take this opportunity to ensure that their money is working as hard as possible.’

 

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