London ranked as best region for those looking to save

Investment / Savings
Early Career
Joe Phelan's picture
Research suggests Londoners save five times more each month than those in the North East.

New research produced by YouGov and Charter Savings Bank has revealed that London is the top region in Britain for savers, with the average Londoner able to stash away over £1,000 each month.

The average saver in Wales, the region ranked in second position, is able to squirrel away approximately £671 each month, while the North East is regarded as the worst region for saving, with the average adult putting away only £221 – almost five times less than those in the capital.

The average savings of the eleven British regions are as follows:

1. London: £1,096
2. Wales: £671
3. Yorkshire and Humber: £574
4. South East: £552
5. Scotland: £546
6. East Midlands: £457
7. West Midlands: £441
8. South West: £385
9. East of England: £319
10. North West: £315
11. North East: £221

However, the research also revealed that vast numbers of people are either unable to set aside money each month or are neglecting to save for the future.

Over a quarter (27%) of those in the North East, and just under a quarter (24%) in the North West and South West, admitted they have no savings whatsoever, and would struggle financially should they come up against a costly emergency, such as needing to repair a boiler or a car.

These figures follow in the wake of research by the Money Charity which suggests that 9.24m UK households have no access to any savings, and claims almost half of all UK households (12.67m) are just three weeks away from financial crisis.

Andrew Mackenzie-Shapland, one of VouchedFor’s top IFAs in the South West of England, spoke to us about the results.

He said: “The survey does not surprise me whatsoever. Many people that live in remote areas, with particular reference to the South West, are potentially hamstrung because they will not have easy access to a professional adviser.

“In a bid to assist those people some firms, such as Morris Shapland, offer home visits at no extra cost to the client.

“Giving potential customers access to professional advisers is vital to ensuring financial wellbeing, and I personally believe that VouchedFor is a trailblazer in that regard. Any campaign that aims to deliver quality advice to the consumer should be commended.”

If you are concerned about your retirement, or would like to discover how you can save more money each month, seeking guidance from an IFA could help. To find a financial adviser in your area, search the VouchedFor database.

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