Significant regional and gender-based differences have been uncovered by a cash savings study.
New research has highlighted a significant gender gap in how much money is saved in proportion to earnings - and found that a significant number of people do not save at all.
According to a report from Halifax released over the weekend, the average savings balance held by a British woman stands at 40 percent of their annual gross earnings. For men, this proportion is just 23 percent.
The savings account provider also warned that 24 percent of UK households have no savings at all. This finding in particular is likely to spark concern - as unemployment recently hit a 12-year high and many people who lose their jobs use cash savings as a "safety net" while they look for more work.
Big regional differences in savings balances were also discovered by Halifax. The highest average was the south-east of England, with typical balances of £8,648 - while those in the north-east were lowest at £6,903.
Analysing the results, Halifax economist Nitesh Patel commented: "Two key features stand out. One is that women generally save more in relation to their earnings than men. Another is the wide variation in savings balances between regions, with generally higher balances in the south-east compared to the north."
He added: "Savings play an important role when planning for your financial future so it is important to establish good savings habits as early as possible."
