A new report on consumer saving carried out by ING Direct shows that average household savings are lowest in Manchester, and highest in Chiltern, Buckinghamshire.
In central Manchester, the average household has just £569 in savings. Also in the bottom 5 are Hackney, Lambeth, Islington and Tower Hamlets (all London boroughs) – all those areas have average household savings of less than £780.
At the other end of the scale, the average household in Chiltern has savings of £15,712, closely followed by Mole Valley in Surrey, where the average is £15,435.
ING Direct began gathering their data at the beginning of 2009, and surveyed a total of 45,000 savers from around the UK. The report pointed out that savings aren’t simply a reflection of earnings – rather, the areas with the highest levels of savings tend to be home to an older population with few dependents, meaning they have had time to build up their savings.
The overall picture the report paints of savings levels in the UK is fairly dispiriting – it indicates that 26% of Britons don’t have any savings whatsoever. Additionally, in the last 3 months average savings per individual have fallen by £99 to £1,684, and since the start of 2009, there has been a 20% drop in average savings. This shows how people have had to dip into their reserves in order to cope with increased financial pressures in the current economic climate.
If you don’t have any significant savings, coping with debt problems can be particularly hard. Get in touch today to discuss how you could reduce your monthly outgoings.