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Consumer: Yorkshire and Humber's savings habits laid bare
Consumers in Yorkshire and Humberside have some of the lowest savings levels in relation to their salaries in England, a survey has found.
The region's savers have less than a fifth of their salaries set aside on average compared with those in the North West who have a third of their annual salary backed up in a savings product.
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North West savers accumulated the highest level of savings (8,871) despite setting aside less than those in other regions each month, according to internet bank Egg.
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Londoners save the most on a monthly basis at 166, while they have the second highest level of savings balances at 7,718.
However, people living in the capital have the lowest level of savings in relation to their annual salary at an average of just 17%.
Sharon Maguire, head of savings at Egg, said: "Should income suddenly disappear or an unexpected expense occur, it's important that people have enough saved to cushion the blow.
"Although Londoners on average put aside the largest amount of money, if you take into consideration the savings to income ratio, it's still not enough to cover their outgoings, and as a result would only cover them for a very short period of time."
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Friday 25 May 2012
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