Belfast Telegraph

We're the worst savers in the UK, reveals study

By Nicky Burridge

People in Northern Ireland are the UK's worst savers, according to a new survey.

In a nationwide study, internet bank Egg found Northern Ireland people save the least each month at an average of only £80.

Britons in the north west have accumulated the highest level of savings despite setting aside less than those in other regions each month.

The average person in the north west has savings totalling £8,871, more than double the amount those in Wales have set aside at £4,253.

But despite having the highest level of savings, consumers in the region have one of the lowest monthly savings rates at an average of £93.

Londoners save the most on a monthly basis at £166, while they have the second highest level of savings balances at £7,718.

However, people living in the capital have the lowest level of savings in relation to their annual salary at an average of just 17%.

Sharon Maguire, head of savings at Egg, said: "Should income suddenly disappear or an unexpected expense occur, it's important that people have enough saved to cushion the blow."