Tuesday, June 16, 2009
Category:
Consolidation
According to a Halifax Savings Report, based on data from the company’s deposit savings database, the average balance of female savers in the UK equates to virtually 40 percent of their annual gross earnings. In contrast, the average balance of male savers in the UK has been recorded at just 23 percent – 17 percent less.
It would seem that in comparison to men, women save a greater proportion of their earnings across all regions of the UK, with the highest being in the South West at 44 percent. On the whole, the average balances of women and men do not differ significantly, at £7,507 and £7,790 respectively, with the average balance of all UK savers standing at £7,787.
On a local authority basis, the highest average balance is possessed by those living in the City of London at £17,860. Second to the City of London are Kensington and Chelsea at £16,155, followed by Westminster at £15,131. In terms of a regional divide, the highest average balance has been noted in the South East at £8,648, and the lowest in the North East at £6,903. Specifically, the lowest average balances nation-wide would appear to be apparent in Newham at £4,570, and Hackney at £4,602.
Economist at Halifax, Nitesh Patel, commented: "Two key features stand out. One is that women generally save more in relation to their earnings than men. Another is the wide variation in savings balances between regions, with generally higher balances in the South East compared to the North. "Savings play an important role when planning for your financial future so it is important to establish good savings habits as early as possible."
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Homeowners that would like to save a greater proportion of their gross annual earnings, but are constrained by multiple, expensive personal loan repayments each month, may wish to consider consolidating these. This could be achieved by means of a secured debt consolation loan, which could leave the borrower with lower monthly outgoings, allowing them to potentially put some money into savings for future use. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
