Between July and September, whilst nine of the 10 highest savings balances in England and Wales are in the south, so are over half of lowest savings balances, according to latest Halifax research.
The ‘South-South’ disparity is driven predominantly between Local Authorities in the South East and Greater London. South Buckinghamshire tops the list for the highest average savings balance at £13,459, which is more than three times that of Hackney, which stood at £4,246.
Across England and Wales the average savings balance was £7,830 at the end of September.
“Whilst we have come to expect a variation in savings balances in different areas, any assumptions that the difference is purely on a north-south basis are clearly unfounded, ” said Richard Fearon, head of Halifax Savings.
At a regional level, a large variation in average savings balances does, however, remain. The biggest savers are in East Anglia with an average balance of £9,195, whilst savers in the North East have the lowest average balance, at £7,546. East Anglia is followed by savers in the South East (£9,128) and the South West (£8,605).
None of the regions with an average savings balance below the national average of £7,830 are in the South; North West (£7,561), Wales (£7,704) and West Midlands (£7,817).
Savers, on average, have a savings balance that is equivalent to 29% of gross average annual earnings. The highest proportion is in the South West (36%), followed by Wales, Yorkshire and the Humber and East Midlands (all 34%).
Women have an average savings balance (£8,015) that is 6% higher than those held by men (£7,538).
Women also save more in relation to earnings than men across all areas of England and Wales. Overall, women have an average savings balance equivalent to 40% of their gross average annual earnings, compared to men who have an average savings balance equivalent to 22%.
Fearon said: “Whilst women have slightly higher savings balances than men, the fact that they save almost double the amount of their earnings would suggest that saving is greater priority to women and they manage their money more effectively to be able to do this.”
Savings in proportion to earnings are highest for women in the South West (49%); closely followed by East Midlands (47%), East Anglia and Yorkshire and the Humber (both 46%). Savings by men are highest in proportion to earnings in Wales and the South West (both 28%). London has the lowest levels of savings relative to earnings for both women (30%) and men (16%).
At a Local Authority Level, women in Ryedale in North Yorkshire (76%), Great Yarmouth (72%), Boston in Lincolnshire (71%) and West Dorset (71%) have the highest average savings balance in relation to local average gross earnings.
The Local Authorities with the lowest savings balances in relation to earnings for both women and men are all in London. Hackney, Islington, and Tower Hamlets all have an average savings balances equivalent to less than 20% of local gross average annual earnings.
Table 1: Average Savings Balance by Region
Region | All Customers Average Balance (£) * | Female Average Balance (£) * | Male Average Balance (£) * |
| North East | 7,546 | 7,456 | 7,514 |
| North West | 7,561 | 7,589 | 7,407 |
| Yorkshire and the Humber | 8,012 | 8,109 | 7,769 |
| West Midlands | 7,817 | 7,839 | 7,654 |
| East Midlands | 8,319 | 8,410 | 8,121 |
| East Anglia | 9,195 | 9,341 | 8,919 |
| Greater London | 8,161 | 8,330 | 7,850 |
| South East | 9,128 | 9,336 | 8,697 |
| South West | 8,605 | 8,702 | 8,359 |
| Wales | 7,704 | 7,801 | 7,506 |
| England and Wales | 7,830 | 8,015 | 7,538 |
Source: Halifax; month end all outstanding balances for September 2012
Table 2: Average Savings Balance as a Proportion of Earnings
| Region | Average Balance* as % of Average Earnings (All) | Average Balance* as % of Average Female Earnings | Average Balance* as % of Average Male Earnings |
| North East | 33% | 41% | 27% |
| North West | 32% | 40% | 26% |
| Yorkshire and the Humber | 34% | 46% | 27% |
| West Midlands | 33% | 44% | 26% |
| East Midlands | 34% | 47% | 27% |
| East Anglia | 33% | 46% | 25% |
| Greater London | 21% | 30% | 16% |
| South East | 30% | 44% | 22% |
| South West | 36% | 49% | 28% |
| Wales | 34% | 43% | 28% |
| England and Wales | 29% | 40% | 22% |
Source: Halifax and the ONS
Table 3: Local Authority Districts with the Largest Average Savings Balances
Local Authority District | Region | All Customers Average Balance (£) * | Female Average Balance (£) * | Male Average Balance (£) * |
| South Buckinghamshire | South East | 13,459 | 13,083 | 13,441 |
| Mole Valley | South East | 12,798 | 13,135 | 11,867 |
| Elmbridge | South East | 12,771 | 13,062 | 11,919 |
| Chiltern | South East | 12,666 | 12,861 | 11,572 |
| Windsor and Maidenhead | South East | 12,020 | 12,144 | 11,226 |
| Richmond upon Thames | Greater London | 11,968 | 12,214 | 11,515 |
| Epsom and Ewell | South East | 11,884 | 12,378 | 11,214 |
| St Albans | South East | 11,840 | 12,217 | 11,212 |
| Waverley | South East | 11,480 | 11,824 | 10,288 |
| Wokingham | South East | 11,470 | 11,406 | 11,286 |
| England & Wales |
| 7,830 | 8,015 | 7,538 |
Source: Halifax; month end all outstanding balances for September 2012
Table 4: Local Authority Districts with the Lowest Average Savings Balances
Local Authority District | Region | All Customers Average Balance (£) * | Female Average Balance (£) * | Male Average Balance (£) * |
| Hackney | Greater London | 4,246 | 4,257 | 4,121 |
| Newham | Greater London | 4,480 | 4,868 | 4,128 |
| Manchester | North West | 4,994 | 4,890 | 5,095 |
| Lewisham | Greater London | 5,074 | 5,366 | 4,765 |
| Barking and Dagenham | Greater London | 5,117 | 5,116 | 5,340 |
| Kingston upon Hull | Yorkshire and the Humber | 5,363 | 5,362 | 5,271 |
| Southwark | Greater London | 5,576 | 5,252 | 5,986 |
| Knowsley | North West | 5,663 | 5,493 | 5,732 |
| Corby | East Midlands | 5,760 | 5,711 | 5,795 |
| Lambeth | Greater London | 5,769 | 5,670 | 5,783 |
| England & Wales | 7,830 | 8,015 | 7,538 |
Source: Halifax; month end all outstanding balances for September 2012
