Rural residents save more than their urban counterparts

Brits living the country life have proved to be savvier savers than their city-dwelling counterparts, setting aside an average of £8,060 more for a rainy day.

The findings from the Halifax Savings Barometer reveal that when it comes to savings balances those living in rural areas had a far healthier reading compared to those living in urban areas – with a difference of as much as 25% in some parts of the country.

Rural savers plough the equivalent of 29% of local average annual earnings into their savings accounts, while urban savers invest the equivalent of 24%.

The gulf between the highest rural savings balance (£10,046), found in the South East, and lowest average urban savings balance, found in Wales, was a staggering 37%.

“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,” said Richard Fearon, Head of Halifax Savings.

“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.”

The greatest difference between rural and urban balances was recorded in the West Midlands at 26%, with average savings levels at £9,509 and £7,541 respectively.

This was followed by the North West (25%), £9,449 against £7,584, and Wales (19%) with £8,742 against £7,351.

Mr Fearon added: “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.”