Survey reveals growing regional divides in amounts of cash people are saving
Savers typically put away more cash in 2019 than during the previous year – but there were growing regional divides in the amounts being banked, according to research.
Across the UK, the average amount saved in 2019 was £2,061, up from £1,798 in 2018, a survey of more than 4,000 people from specialist bank Aldermore found.
People in nine out of 12 nations and regions increased the amounts they were putting away annually compared with 2018.
Those in London set aside the largest amounts in 2019, at £3,962 on average – a £907 increase compared with 2018.
Savers in the North East of England put the lowest amounts of money aside in 2019, at £1,400 on average – around a third of what Londoners were able to put away.
The average amount saved in the North East was £9 lower compared with 2018.
In Wales, savers banked £1,990 on average in 2019, while in Scotland they put aside £1,690 typically and in Northern Ireland around £1,583 was set aside.
The average amount saved in Northern Ireland was £391 lower than a year earlier, according to the findings.
The East Midlands also saw average savings levels slipping back, from £1,921 in 2018 to £1,413 in 2019.
The research also found regional differences in how financially secure people felt, with half of people in London saying they feel like they are saving enough for a stable financial future, compared with just over a third (36%) in the East Midlands.
Ewan Edwards, head of savings at Aldermore, said: “It is encouraging to see people are increasingly focused on getting into the positive habit of saving. Making little changes to spending and saving routines can be very rewarding in helping realise people’s short and long term money goals.
“The UK has many regional economic differences, which can affect people’s ability to save, but it is concerning to see such a gap between different areas.
“The data shows a positive correlation between saving for the future and a feeling of financial stability so prioritising savings is crucial in helping people feel they have control and security over their finances.”
Here are the average amounts that savers put away in 2019, followed by the average amounts in 2018, according to Aldermore:
– London, £3,962, £3,055
– South West, £1,892, £1,538
– East of England, £1,921, £1,466
– Wales, £1,990, £1,874
– Yorkshire and the Humber, £1,771, £1,736
– South East, £2,183, £1,901
– Scotland, £1,690, £1,342
– North West, £1,757, £1,412
– East Midlands, £1,413, £1,921
– Northern Ireland, £1,583, £1,974
– North East, £1,400, £1,409
– West Midlands, £1,511, £1,333