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Country dwellers save more than city slickers, claims Halifax

With an average savings balance of £9,435 in rural areas, urban savers across all regions of England and Wales have fewer savings than their country dwelling neighbours. The difference is as great as 25% in some areas.

The findings of the most recent Halifax Savings Barometer show that the average savings balance in rural areas of England and Wales is 17% higher than in urban areas (£8,060). The highest rural savings balance of £10,046 in the South East is 37% more than the lowest average urban savings balance, found in Wales

While rural savers have managed to deposit 29% of their average annual earnings into savings accounts, those living in urban areas have a savings balance equivalent to less than a quarter (24%) of their annual income.

Richard Fearon, head of Halifax Savings, comments: “The fact that across the country people living in urban areas are putting away less than those living in the country would suggest a very different attitude towards saving amongst these groups.

“This difference is further highlighted by the fact that those living in rural areas have not only deposited a greater proportion in relation to local annual earnings, but they have managed to do so when some of the most significant costs, such as property, are also significantly higher in these areas.”

He adds: “Even though it can be difficult to make saving a priority, by saving even a small amount each month, over time you can build up a financial cushion that can cover unexpected costs or help contribute to planned expenses.”

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