Women save 17% more in proportion to their earnings

Female savers in the UK have average balances equivalent to almost 40% of their average annual gross earnings, whilst men have an average balance of just 23% of their earnings, according to the latest Halifax Savings Report.

Overall, there is little difference between the average savings balances held by women (£7,507) and men (£7,790); the average for all savers in the UK is £7,787

At local authority level, the highest average balances are held by residents in the City of London (£17,860), Kensington and Chelsea (£16,155) and Westminster (£15,131)

There is a wide variation in average balances between regions; the highest is in the South East (£8,648) and the lowest in the North East (£6,903)

London has not only the largest savers, but also some of the lowest in the UK; such as Newham (£4,570) and Hackney (£4,602)

Nitesh Patel, Economist at Halifax, comments: "Two key features stand out. One is that women generally save more in relation to their earnings than men. Another is the wide variation in savings balances between regions, with generally higher balances in the South East compared to the North.

"Savings play an important role when planning for your financial future so it is important to establish good savings habits as early as possible."