City dwellers are the worst savers in Britain

A new nationwide survey conducted by ING has revealed that city-dwellers, and in particular Londoners, are the worst savers in Britain.

ING Direct's Savings Monitor tracks balances month by month, and the 40,000 person survey found those living in Central Manchester had the fewest savings - just £569. Five London boroughs also featured at the bottom of the list.

Hackney, Islington, Lambeth, Tower Hamlets and Southwark are all in the bottom ten with less than £850 per household in savings. That's compared to top of the table Chiltern, Buckinghamshire and second place Mole Valley, Surrey were residents have £15,712 and £15,435 in savings respectively.

Importantly, to create these results ING have used the median result rather than the mean. What that means is that instead of just taking an average - by adding up all the results and dividing them by the number of people, they took the middle result.

Because five percent of the population holding a third of all savings, a mean average would create a much more optimistic picture than really exists, so this method is more indicative of the real situation.

Nottingham, Liverpool, Newcastle and Norwich make up the rest of the bottom ten areas with the worst savers, where the highest amount of household savings is just £959.

We are however all saving less than before, with the average household savings at £3225 - significantly lower than in 2009 according to ING.
The huge disparity between savings in urban and rural areas can be partly explained by the greater concentration of less wealthy families in the inner city.

However, even the wealthiest households in London didn't feature that highly in the list - residents of Kensington & Chelsea had household savings of £5,348 and those in the City of London had £5,322, putting the two locations 35th and 36th in the list.
Top 10 savings per household
1. Chiltern - £15,712
2. Mole Valley - £15,435
3. South Bucks - £15,132
4. Waverly -£14,178
5. Epsom & Ewell - £14,047
6. Horsham- £14,031
7. South Oxfordshire - £13,303
8. Vale of White Horse - £13,202
9. Three Rivers - £12,949
10. Elmbridge - £12,922
Bottom 10 savings per household
367. Norwich- £959
368. Newcastle Upon-Tyne - £931
369. Southwark - £808
370. Liverpool - £905
371. Nottingham - £776
372. Tower Hamlets - £776
373. Lambeth - £743
374. Islington - £751
375. Hackney - £749
376. Central Manchester - £569
Read Full Story