Manchester has the lowest level of savings per household, according to a new study carried out by savings provider ING Direct.
The average household in central Manchester has just £569 in savings. It’s closely followed by four boroughs of London – Hackney, Islington, Lambeth and Tower Hamlets – all of which have average household savings under £780.
Topping the list for the largest savings per household was Chiltern in Buckinghamshire, which had average savings of £15,712, while Mole Valley in Surrey had average savings of £15,435 per household.
Savings levels continue to plummet
The ING Direct report, which surveyed 45,000 savers from the start of 2009, stated that the ‘correlation between earnings and savings wealth is weaker than one might think’, with the ‘best off’ areas instead populated by older generations who have had longer to save and few dependents.
Further findings of the report paint a grim picture of the savings levels in the UK. The report highlights that 26% of Britons have no savings at all, while the average savings per person has fallen by £99 in the last three months to £1,684. In fact, since the beginning of 2009, average savings are down by nearly 20%, reflecting the increased pressures on household incomes.
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