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Londoners revealed as top UK savers

Paloma Kubiak
Written By:
Paloma Kubiak

Londoners save almost five times as much per month than those living in the North East, new research reveals.

According to a joint study of ‘saving hotspots’ by challenger bank Charter Savings Bank and YouGov, London tops the list with those living in the capital putting away an average of £1,096 per month.

In comparison, savers in the North East put away just £221 a month, nearly five times less than the amount saved by Londoners.

Regular savers in Wales come in second place – they add an average of £671 a month to their accounts, while those living in Yorkshire and Humber bag third place, accruing an average of £574 per month.

Worryingly, the survey of 2,145 people also revealed 27% of people in the North East and 24% in the North West and South West have no savings at all.

These regions fare slightly worse than the 22% of people in the West Midlands who also say they have no money to put away into savings accounts.

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Paul Whitlock, director of savings at Charter Savings Bank, said: “While it may come as little surprise that Londoners are saving more each month than most, it is encouraging to see that in every region across the UK people are getting into the savings habit.

“With people up and down the country demonstrably putting money away each month, savers must take this opportunity to ensure that their money is working as hard as possible.”