Northerners save £216 more a year

25 August 2004
People living in the north of England save more than their southern counterparts, despite being on lower incomes a new report has revealed.

Research by Birmingham Midshires showed northerners saved an average of £84 a month in the three months running up to July compared with £66 saved by southerners - equivalent to £216 more a year.

Tim Hague, head of savings and investments marketing at Birmingham Midshires, said the savings culture was more pronounced in the north because of a financial renaissance.

"It's clear that northerners are becoming increasingly financially savvy, realising the benefits of putting aside money for a rainy day," he said.

"Britons, particularly those living in southern England, need to make a greater effort to move away from the current debt culture and consciously start putting money aside to help ease their financial burdens in the future."

Across the whole of Britain 46 per cent of people questioned admitted they had saved nothing at all during the period with men saving on average almost three times as much as women - £125.62 a month compared with just £45.
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