The biggest savers in the country live in southern England, the first savings report by Halifax reveals.
According to the savings report, 19 of the 20 local authority districts that have the highest average savings balances are in the south of the country.
This new savings report by Halifax is based on figures from the bank's deposit savings database and is aimed at highlighting the country's savings trends.
When excluding people with no savings at all, the report reveals that those saving money in London have the highest average savings balances in the country, with a typical total of £16,972.
The average savings balance in the country is £7,210, Halifax points out.
Meanwhile, those saving money in Ceredigion in Wales have the highest savings balances in proportion to local earnings, with the average savings totalling 65 per cent of typical income.
In contrast, those living in London have the lowest savings in comparison to local incomes.
"The recent Pensions Commission report emphasises the importance that people need to attach to planning to ensure that they have sufficient income in retirement," comments Peter Jackson, head of savings at Halifax.
"Savings play a key part in that planning process."
The savings report also revealed that women who are saving money are putting a "significantly higher" proportion of their income aside when compared to men.
Saving southerners
Saving southerners
Thu, 23 Feb 2006
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