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Savers in the South East lag behind Londoners

New research by YouGov and Charter Savings Bank has shown that the amount squirreled away by savers in the South East lags behind their London counterparts to the tune of £544 a month.

The research, which surveyed the amount saved each month by people across the UK, found that those in London saved the most with an average of £1096 while those in the South East managed to put away £552 a month.

Despite faring worse than their London counterparts, savers in the South East still compared favourably to the rest of the country, with only Wales (£671 a month) and Yorkshire and Humber (£574 a month) seeing higher deposits on average.

The North East was bottom of the pile, with savers only able to put aside £221 a month, and 27% of respondents in the region having no savings at all.

Commenting on the figures, Paul Whitlock, Director of Savings at Charter Savings Bank, said: “While it may come as little surprise that Londoners are saving more each month than most, it is encouraging to see that in every region across the UK people are getting into the savings habit.

“With people up and down the country demonstrably putting money away each month, savers must take this opportunity to ensure that their money is working as hard as possible.”

With more people putting money away each month, savers will be looking on with interest at the Bank of England’s upcoming interest rate decision on Thursday.