July 25 2014 Latest news:
Adam Aiken, Editor
Wednesday, January 25, 2012
People who live in rural areas are putting away more cash in their savings accounts than those who live in major towns and cities.
A saver in a rural area of the country has an average balance of £9,202, which is almost £1,300 or 16pc more than the average saver in an urban area.
But as well as stashing away more in real terms, they are also putting away a higher amount as a proportion of their earnings, according to a study of Britain’s savings habits by Halifax.
Rural savings balances equate to 36pc of average gross annual earnings, while the equivalent figure in urban areas is 32pc.
“Some of the rural areas of Britain have an older population profile, many attracting relatively affluent retirees,” said Halifax economist Martin Ellis.
“These savers have had a long working life to build up their savings pot compared with younger savers.
“This would appear to be a key factor explaining the typically higher level of savings in rural areas compared with urban ones.”
The highest rural savings balances in Britain are in the Chilterns (£12,451 on average) and the Derbyshire Dales (£11,410), while the lowest are in East Ayrshire (£5,450).