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Britain’s best and worst savers revealed

New report paints a grim picture of savings levels

Average savings falling

Average savings are falling across England and Wales

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.

Which? Best Rate savings accounts

If you’re looking for the best rates for your savings, read the Which? Best Rate Savings Accounts reviews. 

If you haven’t used up your tax-free cash Isa allowance this year, or if you want to earn a higher interest rate on previous years’ Isas, check out the Which? Best Rate Cash Isa reviews. 

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