If you live in East Anglia, you are among the highest savers in the country, according to new research looking at where in England and Wales people stash away the most.
The research, carried out by Halifax, found that he biggest savers are in East Anglia, where the average balance stands at £9,195, followed by savers in the South East (£9,128) and the South West (£8,605).
Savers in the North East have the lowest average balance, at £7,546, £284 below the national average of £7,830 in England and Wales.
On average, savers have a balance equivalent to 29% of gross average annual earnings. The highest proportion is in the South West (36%), followed by Wales, Yorkshire and the Humber and East Midlands (all 34%).
Halifax also examined savings balances between July and September at Local Authority level and found that although nine of the ten highest savings balances are in the south, this is also where over half of the lowest savings balances are found.
The greatest disparity in the South was between Local Authorities in Greater London and the South East. South Buckinghamshire topped the table for the highest average savings balance at £13,459, more than three times that of Hackney, which stood at £4,246.
Richard Fearon, head of Halifax Savings commented: ‘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.’
Women saving more than men
The report revealed that the average savings balance held by women is 6% higher than that of men – £8,015, compared to £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% of their gross average annual earnings, while men have an average savings balance equivalent to 22%.
Savings in proportion to earnings are highest for women in the South West (49%), closely followed by East Midlands (47%), East Anglia and Yorkshire and the Humber (both 46%). Savings by men are highest in proportion to earnings in Wales and the South West (both 28%). London has the lowest levels of savings relative to earnings for both women (30%) and men (16%).
|Average savings balance by region[a]|
|Region||Average balance (£)||As % of average earnings|
|Yorkshire & the Humber||8,012||34%|
|England and Wales||7,830||29%|
- Based on Halifax data