RSS Feed

Related Articles

Related Categories

Hertfordshire kids savviest savers

9th July 2011 Print

Children in Harpenden have the highest average savings balances in the UK, according to research conducted by Halifax.

Boys and girls in this Hertfordshire town have an average savings balance of £3,046 - more than twice the UK average of £1,296.

North London is dominating the top ten towns for highest children's savings balances, with Pinner in Uxbridge (£2,251), Edgware (£2,230), Harrow (£2,149), Hounslow (£2,108) and Wembley (£2,106) all joining Harpenden in the top six towns.

Altrincham, in the North West area, is the only town in the top ten from outside London and the South East, with children here having an average balance of £2,044. Other areas outside southern England with higher than average children's savings balances are West Bromwich in the West Midlands (£1,745), Wilmslow in Cheshire (£1,664) and Wetherby in West Yorkshire (£1,593).

There is also a significant variation between the largest average balances in Greater London (£1,652) and the lowest in the South West (£1,144) - a difference of 44%. This variation increases as individual towns are compared against each other. The lowest average balance of £898 is in the Hampshire town of Gosport, significantly lower than the highest recorded average in Harpenden.

Girls vs. Boys

Across the UK, the difference in average savings between boys (£1,295) and girls (£1,291) is only £4. However, when balance differences between boys and girls are compared in each town, there is a greater difference. Girls in Altrincham have an average balance of £2,288 compared to £1,776 for boys - a difference of £512 or 29%. On the other hand, boys in Ilford in East London have a balance that is £83 above the average for girls.

Nitesh Patel, savings economist at Halifax, comments: "Children in Harpenden have the highest average savings balance at twice the UK average; whilst, many of the ten largest saving areas are in North London. Altrincham is the only town from outside southern England.

"Learning saving habits at an early age can play an important part in a child's future.  Equipping children with important life skills such as money management will prepare them for financial decisions later in life when they go to university or are looking to get on the housing ladder."