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Islington people have the lowest savings

PUBLISHED: 06:40 08 August 2011 | UPDATED: 09:18 08 August 2011

generic shot to accompany feature on spending cuts in east End

generic shot to accompany feature on spending cuts in east End

Archant

Savers in Islington are among the worse in the country, a report has revealed.

The area has been ranked third from last in figures compiled by savings bank ING Direct for all 376 local districts in England and Wales.

Average Islington household savings stand at £751 compared to £3,225 nationally, the study has shown.

Richard Doe, CEO of ING Direct, said: “The study shows some stark differences across the nation, most notably between town and country, with those in heavily urban areas having a very small savings cushion.”

ING senior economist James Knightley said: “The economic headwinds battering the household sector are not relenting. With food prices going up and utility bills set to increase sharply, household finances will remain strained.

“This suggests savings are likely to be run down further this year. However, the employment situation is showing signs of improving and inflation is expected to slow, which could help prompt a reversal of this trend next year.”

Even the wealthiest areas of London struggled to break into the top of the savings league table. The city with the highest levels of saving is St Albans and the town with the most is Epsom and Ewell.

A third of the nation’s savings are held by five per cent of the population with about 26 per cent of all Brits having no savings whatsoever.


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