Map shows average savings in different UK regions — how does yours compare?
Ultimately, the amount you save all depends on your financial situation and goals.
While some may be able to put the same chunk of money away each month, others are limited to a more ad hoc basis.
But whatever stage you're at, don't worry: saving in any capacity you can is still saving. And that's the main thing.
With that in mind, you'd expect the average savings rate would vary a lot, even for people who live in the same city. But interestingly, that's not quite the case, as new research has proven.
Financial services company Raisin has revealed that certain parts of the UK (for want of a better word) are better at saving than others.
Spoiler: the region that came out on top might shock you, especially as its cost of living is notoriously high.
You probably didn't expect London to be number one when it comes to savings.
Metro recently reported that the average rent in the capital is around £2,235 per month, while last year, it was revealed that it's more expensive to live in London than in Monte Carlo. And let's not even get into the price of a pint these days.
However, the research showed that Londoners have an average savings amount of £28,978.40. The proportion of people with minimal savings are low, too. Only 1.48% have £0 savings, 6.67% have £100 or less, and 17.04% have £1,000 or less.
In second place is the West Midlands, with an average savings amount per person of £13,318.35 – still a solid number, but less than half the figure for London.
Trailing just behind is the North East, with its resident banking £10,022.58, on average. This region just pipped the South East – whose residents have £9,885.55 in savings – to the post.
Up next is Wales, with £9,648.91, and the North West makes up the top six, with £9,156.79 average savings.
The remaining five regions all scored between 23% and 35% in the £1,000 or less in savings category.
On the other end of the scale, it was revealed that the East Midlands have the lowest savings of any region in the UK. People living here have an average of £6,438.48. 8.75% of residents here have £0 in their rainy day fund, while 12.50% have £100 or less and 35% with £1,000 or less.
With just a little more in the bank is Northern Ireland, coming to an average savings amount of £6,710 – four times less than Londoners.
The figure for those in the South West jumps by around £400 to £7,140.18. In Scotland, the average rises to £7,297.19, while in East Anglia, people are managing to save quite a bit more, averaging at £8,032.85.
And at number six – meaning these residents sit directly in the middle of the savings scale – is Yorkshire and the Humber, with the average amount in the largest county in the UK coming to £8,406.60.
Metro spoke to Ayesha Ofori, former executive director and private wealth adviser, and founder of investing app Propelle. More Trending
She explains that's not about whether a region is collectively 'better' at saving, it's about how much a person saves or invests depends on how much disposable income they have.
'In London, salaries are higher,' Ayesha notes. 'And although living expenses are much higher, people are more likely to have something left over to invest.'
On the contrary, in areas with fewer corporate jobs and lower salaries, disposable income is lower.
Ayesha also highlights that how much a person saves is tied to how much exposure they get to saving and investing, commenting: 'It's to do with their knowledge level and trust in the systems available to save cash.
If saving a little bit more of your paycheck is your goal, but you're unsure of the best way to start, then the 50/30/20 rule is for you.
It's a tried, tested and proven technique that allows you to start regularly saving each month. It also helps keep spending on non-essentials within an allocated budget each month.
Essentially, the rule involves dividing your spending into three categories: needs, wants and savings.
Then, with each paycheck, allocate 50% to needs, 30% for wants and 20% for savings or debt repayments. Read more about the rule and how to successfully implement it here.
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