Britain’s rural savers hit that savings habit
25 January 2012
Savers in rural Britain are not only outsaving their counterparts in urban areas but are also putting away more in relation to their earnings, according to latest research from Halifax.
Savers in rural areas have an average balance of £9,202, almost £1,300 – or 16% - more than savers in urban areas (£7,906). Rural savers in Britain have an average savings balance equivalent to 36% of their gross annual earnings: 4% more than urban savers who have an average balance of 32% of their earnings.
Martin Ellis, economist at Halifax, comments:
“Some of the rural areas of Britain have an older population profile, many attracting relatively affluent retirees. These savers have had a long working life to build up their savings pot compared to younger savers. This would appear to be a key factor explaining the typically higher level of savings in rural areas compared with urban ones."