North West savers invest more than any region outside London

New research for UK Savings Week (22-28 September) reveals that outside of London, savers in the North West invest more than any other region into their savings each month. People in the region also have the highest amount of savings: at £29,824, this is more than £3,000 over the national average.

However, the UK Savings Week research exposed a worrying glimpse of the whole nation’s savings habits and where people hold their savings is raising concerns.

In our region, 15% of adults have no savings at all (national average – 12%) and 28% have less than £1,000 tucked away (national average – 14%). 

One in five in the North West (20%) use their current account, meaning they don’t earn any interest. This is particularly common among 25-34 year olds (41%), more than double the proportion of those aged over 55 years (16%).

Darren Ditchburn, CEO at Vernon Building Society says:

“The North West’s strong savings culture gives us a fantastic foundation, but we need to match that discipline with smart decision-making. This research shows that far too many people miss out on big savings by keeping their money in zero-interest current accounts, when there are some really high interest rates on the market right now. Whether you’re thinking about opening your first savings account or you’re a savvy saver, it’s well worth visiting the UK Savings Week website which has some great tips on getting started and saving smarter.”

Which town in the North West has the best savings habits?

According to data from Stockport’s Vernon Building Society, people in Warrington put away the most each month across savers within Greater Manchester and Cheshire into their new Online Regular Saver account, adding almost £250 monthly. Savers in Wigan put the least away each month, with an average of £152 being saved monthly.

Vernon Building Society launched the Online Regular Saver account last year designed to encourage people living in Greater Manchester and Cheshire to save between £25 and £250 per month and has an interest rate of 5.75% AER.