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Londoners save almost five times more a month than those in the North East PDF Print E-mail
Tuesday, 02 February 2016

New research from challenger bank Charter Savings Bank, in conjunction with YouGov, has found that London is the UK’s top saving region, with those who save on a regular basis putting away an average of £1,096 a month into their savings. This is significantly higher than the rest of the UK and is nearly five times as much as people in the North East are saving each month – just £221 a month.

London’s nearest rival for the top spot is Wales, where the average regular saver puts away £671, just over half of what Londoners manage to save. Wales is closely followed by Yorkshire and Humber, where residents are saving £574 a month, and then the South East where savers deposit an average of £552 a month.

The research also reveals that 27% of people in the North East and 24% adults in the North West and South West have no savings at all. These regions fare slightly worse than the 22% of people in the West Midlands who also say they have no money put away in savings accounts.

Paul Whitlock, Director of Savings at Charter Savings Bank, said: “While it may come as little surprise that Londoners are saving more each month than 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. For some time now challenger banks have been offering a viable alternative to the high street, with this in mind savers in every region of the land should shop around and seek the possible deal before sleepwalking their money into one of the high street banks.”

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