Savers in North Norfolk save the most in proportion to earnings
28 June 2008
Savers in North Norfolk have the biggest savings balances relative to local earnings in the UK, according to the latest Halifax Savings report. The average balance of £9,883 is equivalent to 55% of local average annual gross earnings.

Many of the areas where savings are high in relation to earnings have a relatively high proportion of older residents and are popular retirement areas.

Savers in the City of London have the highest average balances (£14,267), followed by South Buckinghamshire (£12,369), Elmbridge (£12,071) and Mole Valley (£11,887).

Three of the 20 local authorities with the biggest average saving balances are outside Southern England; Derbyshire Dales (£11,607), Macclesfield (£10,490) and Fylde (£10,364).

There are some marked regional differences - savers in East Anglia have the largest average balance (£8,062), and the smallest average balance is in Scotland (£5,443).

As a proportion of average regional earnings, Londoners save the least (21%), whilst the highest is Northern Ireland (34%).

In terms of age, savers in the age group 75 and above have the highest average balances (£20,046). This compares to an average balance of £1,385 for 18-24 year olds.

There is a modest difference in savings by gender with women having average savings balances of £7,065; 3% higher than male average savings of £6,865. Women also save a much higher proportion of their income (39%) compared to men (22%).

Martin Ellis, Chief Economist at Halifax, comments: "There are wide variations in saving behaviour across the country with Londoners saving a significantly smaller proportion of their income than elsewhere in the country. It is also notable that women save a markedly higher proportion in relation to earnings than men.

The attention paid to pension contributions in recent years emphasises the importance that people need to attach to planning to ensure that they have sufficient income in retirement. Savings play a key part in that planning process, particularly in the current economic climate."




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