Welsh 'save least among Britons'

Londoners saved the most and the Welsh the least in the final quarter of last year, according to figures out today.

Those in the capital put away an average of £1,516 per person, the Birmingham Midshires’ Saving Britain campaign reported.

People in the North West were the most likely to save with 71% putting some money aside, compared with just 27% in Wales, who also saved the smallest amount at just £147 per person.

Nationally we are saving more, with the average amount standing at £654 per person, compared with the £587 saved in quarter three of 2004.

The survey of 1,000 people throughout the UK looked at cash savings only – not monies invested in funds or pensions.

People in the West Midlands put away the most money for the Christmas period, at an average of £209 each. Christmas accounted for around a quarter of their savings, which stood at a total of £815 over the three month period. People in this region were also top savers for holidays, putting away £144 for this purpose.

Meanwhile, Londoners saved more than any other region towards DIY (£313 over three months), retirement (£497), household emergencies (£111) and education costs (£43).

The Welsh, who are saving significantly less than other regions, failed to save anything towards retirement, household emergencies, a car maintenance fund, the cost of a new baby or education amongst other categories.

Those in Yorkshire put the most aside for ’rainy days’, at an average of £206 each.

Tim Hague, head of savings and investments marketing at Birmingham Midshires, said: “It is encouraging to see that savings levels across the UK have increased within the last three months.

“As Christmas was fast approaching, it is not surprising to see that most people who saved put some money away to cover gifts and festive expenses.

“However, the research shows a clear pattern – that people have a very short-termist view and are saving for immediate eventualities.

“Through Saving Britain, we encourage people to plan their finances. Starting to save a little towards Christmas, for holidays and other occasions will enable people to also put away a portion of cash for the really important things in life.

“With careful planning and a long-termist view, we can put aside enough money to make ourselves financially secure, and also to cover the more immediate expenses in life.”