Women better savers than men, says Halifax

Research has found that women save nearly 40 per cent of their income but men put away just half that.

The UK’s best savers are in the area of north Norfolk, where people have set aside more than half of their annual salary, according to Halifax.

A survey found that the average savings account there had a balance of £9,883, which was equivalent to 55 per cent of yearly earnings. Londoners had the highest average balance, though the bank’s customers there save the least in proportion to their earnings.

Chief economist Martin Ellis commented on the importance of planning for retirement, saying: “Savings play a key part in that planning process, particularly in the current economic climate.”

The study also found that the average balance for over-75s is more than £20,000.

Scottish Widows has today revealed that 49 per cent of people are still not saving adequately for retirement, with 18 per cent not saving anything at all.

© Adfero Ltd

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