HALIFAX, UNITED KINGDOM -- (Marketwire) -- 02/27/13 -- The Halifax Savings Barometer presents a snapshot of savings in England and Wales over a three month period. The research is based on data from Halifax's deposit savings database. The analysis in this release is based on savings accounts held with Halifax at the end of December 2012.
Female savers with Halifax have an average balance equivalent to 41% of their average annual gross earnings(i), whereas men have an average balance of just 23% of their earnings - a difference of 18 percentage points.
While women in England and Wales earn GBP 13,500 a year less than men on average(ii), the typical savings balance held by female customers is now GBP 8,211 compared to GBP 7,699 held by men - a difference of GBP 512.
The picture is the same across England and Wales, with women having more savings in proportion to earnings than men in all regions.
Women living in the South West have the highest average savings balance in relation to average earnings (49%), which works out at an average balance of GBP 8,700. Men save the most in relation to earnings in the South West, and Wales (both 28%), which works out at an average balance of GBP 8,344 and GBP 7,601 respectively.
At the other end of the scale, male (18%) and female (30%) savers in London have the lowest savings in relation to earnings, where average balances stand at GBP 8,032 and GBP 8,600 (see Table 1).
Richard Fearon, Head of Halifax Savings, comments:
"In recent years, people have become more aware of the need to put money aside in order to build a financial savings 'cushion'. Whether this is for a major event such as retirement or a wedding, or just for a rainy day it is important to save regularly where possible.
"However, while - on average - women earn significantly less than men the Halifax Savings Barometer shows not only are women outsaving men relative to their annual earnings, but they also have more savings in total."
Average customer balances
At the end of December, the average savings balance for Halifax customers had increased 0.3% to GBP 7,896(iii) from GBP 7,871 three months' earlier.
The largest average balances are held by savers in the South East (GBP 9,316) and East Anglia (GBP 9,283). Whereas the lowest average savings are in the North (GBP 7,408); a fifth lower (20%) than in the South East (see Table 2).
The East Midlands (GBP 8,452) and Yorkshire and the Humber (GBP 8,084) are the only regions outside southern England with an average balance above the England and Wales average.
The ten Local Authority Districts with the highest savings balance in England and Wales are all in the south, as are over half of lowest savings balances. South Buckinghamshire tops the list for the highest average savings balance, at GBP 13,762, which is more than three times that of Hackney - the lowest - at GBP 4,246.
Six of the ten Local Authority Districts with the lowest balances are in the Capital (see tables 3 and 4), with savers in Hackney having the lowest average balance at GBP 4,251.
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