Women's savings balances revealed

CoinsWomen living in the South East have the highest average savings balances in the country, while female savers in the North East have the lowest, Halifax has reported.

The research from Halifax's own deposit savings database found that women in the South East have a typical savings balance of £9,578, equating to 44% of their gross annual earnings, while those living in the North East have an average of £7,297, or 40% of their yearly income put by.%VIRTUAL-SkimlinksPromo%
Across England and Wales, women have £8,113 put by on average, which is 7% more than the average balance of men at £7,563.

Women were found to be saving more than men in all regions except the North East and they have around double the amount put away as a proportion of their earnings than men.

Female savers have around 40% of their typical gross annual wage of £20,224 put away, while men have just 22% of their average salary of £33,683 saved.

The trend of women saving more than men has generally been seen since the quarterly research started a couple of years ago and Halifax said it highlights a "fundamental" difference in attitude towards saving between the sexes.

The research also found that savers in South Buckinghamshire have the highest average savings balance at £13,429, which is three times the typical balance in Hackney in London.

Amid high living costs in the English capital, people in London have the least amount put away in savings as a proportion of their earnings, at just over one fifth (22%).

People living in Wales, the South West and the East Midlands have the highest amounts saved as a proportion of their earnings, all at 34%.

The top 10 areas with the highest savings balances were all in southern England, including the districts of Mole Valley, Chiltern and St Albans.

But despite the South being associated with relative prosperity, half of the 10 areas with the lowest amounts in savings were in London, with Newham, Barkingham and Dagenham, Lewisham and Southwark making the list.

Richard Fearon, head of Halifax Savings, said: "We have seen women consistently out-saving men throughout 2013, both in terms of average balances and in relation to earnings.

"This suggests a fundamental difference in the attitude towards saving between the sexes, and highlights that even if you're earning less, it is possible to save more with a positive savings habit in place."

The findings come at a time when there is still little hope of savers seeing any significant increase in the returns they will get on their nest eggs any time soon, with the Bank of England base rate having been held at a historic 0.5% low for more than four and-a-half years.

The Government's Funding for Lending scheme to help borrowers which was launched last year was blamed for making savers' plight worse as experts said it has made banks less reliant on having to attract savers' deposits as the scheme has given them access to cheap funding.

According to financial information website Moneyfacts, five years ago the average rate of interest a
saver could get on a cash Isa was 4.71%, a year ago it was 2.18% and now it is 1.66%.

Halifax used its savings database alongside Office for National Statistics (ONS) earnings figures.

Here are the average savings balances across England and Wales, with the average balance for the region followed by the typical female savings balance and the typical male savings balance:

:: East Midlands, £8,269, £8,475, £8,113
:: East of England, £9,096, £9,410, £8,832
:: London, £8,147, £8,495, £7,930
:: North East, £7,279, £7,297, £7,300
:: North West, £7,565, £7,697, £7,454
:: South East, £9,137, £9,578, £8,713
:: South West, £8,304, £8,523, £8,113
:: Wales, £7,572, £7,759, £7,407
:: West Midlands, £7,731, £7,870, £7,621
:: Yorkshire and The Humber, £7,877, £8,071, £7,705
:: England and Wales, £7,780, £8,113, £7,563

Here are the local authority districts with the highest average savings balances:

1. South Buckinghamshire, £13,429
2. Mole Valley, £13,407
3. Chiltern, £12,907
4. Elmbridge, £12,450
5. Christchurch, £12,350
6. Cambridge, £12,329
7. Windsor and Maidenhead, £12,150
8. Epsom and Ewell, £11,783
9. Waverley, £11,710
10. St Albans, £11,673

Here are the local authority districts with the lowest average savings balances:

1. Hackney, £4,187
2. Newham, £4,464
3. Manchester, £4,848
4. Barking and Dagenham, £4,979
5. Lewisham, £5,125
6. Hull, £5,260
7. Southwark, £5,313
8. Blaenau Gwent, £5,505
9. Corby, £5,647
10. Nottingham, £5,709

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Women's savings balances revealed

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