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Midland savers grow nest eggs to £18,680 despite Christmas crunch

Savers in the Midlands are the thriftiest of every single one single one UK regions outdoor the capital, supplementary research suggests, after avoiding a festive warfare on the subject of their nest eggs.

The average savings relation in the Midlands stands at 18,680, according to Halifaxs Savings Review.

And whereas that bank account fell in every one postscript UK region along along in addition to the Christmas spending sprees in the true quarter of last year, it actually increased here from 16,152 the quarter in front.

Across Britain, the average savings checking account in the first three months of this year stood at 16,690, which is taking into account again 1,000 degrade than the typical savings account during the previous quarter at 17,945.

Nearly one in four people across the country surveyed said they had optional addendum nothing to their savings in the first three months of the year and 26 per cent said they have raided their accounts on zenith of the become old-fashioned.

Giles Martin, head of Halifax Savings, said: Whilst consumer confidence may have augmented – behind furthermore employment levels and low inflation, it remains important that a enjoyable savings compulsion is encouraged and regular saving remains a central share of a households financial planning.

Researchers allegation even if people in the Midlands raided their savings to the manner of 933 to fund the festive era, the balances bounced backing significantly in the auxiliary year.

The average tab of 18,680 is difficult than 4,000 greater than any region outside the South East.

And people excited in the South East were found to have raided the most from their savings recently, at 1,424 typically, from average balances of 19,489.

Spending as regards holidays was the most popular excuse for dipping into savings. Everyday household expenses were moreover a common excuse for raiding savings, subsequent to people wise axiom they had used their pots to lid costs such as residence or car repairs, hasty help bills, because they had overspent not far afield away-off off from their current account and to pay back debts.

The fable said the findings counsel that some household budgets are yet sedated pressure, despite a zero rate of Consumer Price Inflation and signs of a pick-uphill in wages.

Poor returns upon savings in the low draw rate atmosphere could furthermore be putting people off saving more.

More than 2,000 people were surveyed for the research.

Average savings balances across Britain in the first quarter of 2015, according to Halifax:

:: South East, 19,489 (Q4 2014: 20,889)

:: Midlands, 18,680 (Q4 2014: 16,152)

:: North England, 14,404 (Q4 2014: 17,574)

:: Wales and the South West, 14,340 (Q4 2014: 16,785)

:: Scotland, 12,999 (Q4 2014: 17,708)