Children in Harrow have the highest savings balances in UK

Children in Harrow, Greater London, have the highest savings balances in the UK with an average balance of £2,193, followed by two other London boroughs, Brent (£1,927) and Barnet ( £1,896), according to the Halifax Children’s Savings report.

The lowest level of children's savings are in Gosport, Hampshire (average balance of £673) and Thanet in Kent (£677).

The average balance of a children's savings account in the UK is £1,049.

Seven UK regions have average children's savings balances of over £1,000; Greater London (£1,379), Northern Ireland (£1,146), West Midlands (£1,119), South East (£1,115), Wales (£1,049) East Midlands (£1,038) and the North (£1,026).

Boys, on average, have higher savings balances than girls; £1,073 against £1,024 - a difference of 5%.

Martin Ellis, chief economist at Halifax, comments: "There are wide variations in savings held by children across the country with the under 16s having the highest balances in Greater London, but children in the West Midlands, South East and Northern Ireland are not far behind. Children save the least in Scotland.

Saving at an early age helps play an important part in your child's future; learning savings habits early on in life can help ensure young people understand the value of having savings."