Halifax Savings Barometer: Rural Reserves Surpass City Savers
23 May 2013
With an average savings balance in rural areas of £9,435, urban savers across all regions of England and Wales have fewer savings than their country neighbours. The difference is as great as 25% in some areas.
The findings of the most recent Halifax Savings Barometer show that the overall average savings balance in rural areas of England and Wales is 17% higher than in urban areas (£8,060). The highest rural savings balance of £10,046 in the South East, is over a third more (37%) than the lowest average urban savings balance, found in Wales
Whilst rural savers have managed to squirrel away the equivalent of 29% of local average annual earnings in savings accounts, those living in urban areas have a savings balance equivalent to less than a quarter (24%) of their yearly income.
Richard Fearon, Head of Halifax Savings, comments:
“The fact that across the country people living in urban areas are putting away less than those living in the country would suggest a very different attitude towards saving amongst these groups.
This difference is further highlighted by the fact that those living in rural areas have not only deposited a greater proportion in relation to local annual earnings, but they have managed to do so when some of the most significant costs, such as property, are also significantly higher in these areas.”