Norfolk: The Home of the Prolific Saver
Writes Dan Drage dan.drage@consumerchoices.co.uk
Savers in North Norfolk have the biggest savings balances relative to local earnings in the UK.
North Norfolk savers are saying “let’s be having you” to nice little nest eggs according to the latest Halifax (www.halifax.co.uk) savings report.
Savings account holders in this region boast average savings balances of £9,883, equivalent to more than half (55%) of local earnings. Up next is the Isles of Scilly, the inhabitants of which hold savings balances at 53% of local earnings.
Down in Northern Ireland (52%) and Christchurch in the south west of England (51%) also scored highly.
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"The south coast of England featured prominently in the upper echelons of the high savings balance league table"
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Savers in East Anglia have the largest average balance (£8,062), and the smallest average balance is in Scotland (£5,443).
Many areas where savings are high in relation to earnings have a relatively high proportion of older residents and are popular retirement areas. Savers of 75 or over hold the highest savings balances on average (£20,046). The south coast of England featured prominently in the upper echelons of the high savings balance league table.
Savers in the City of London have the highest average balances (£14,267), but as a proportion of average regional earnings, Londoners save the least (21%), whilst the highest is Northern Ireland (34%).
Chris Eagle, Commercial Manager at Credit Choices, had the following to say:
"Super size your savings! Learn how to make the most of your savings with our handy guides, and take a look at the improved fixed rate and easy access accounts from Icesave (www.icesave.co.uk).”
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