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Follow on Google News | Harpenden Kids Savviest Savers With Balances More Than Double The Uk AverageThe Halifax Children's Savings report focuses on savings in the UK for customers up to 16 years old. The research is based on data from the Halifax deposit savings database. Halifax is one the UK's leading savings provider.
By: Saints 2010 North London is dominating the top ten towns for highest children’s savings balances (http://www.halifax.co.uk/ Table 1 – Top ten towns with highest children’s average savings balance Town Region Average Balance (£) Harpenden Pinner Edgware Harrow Hounslow Wembley Altrincham Southall Ilford Barnet Source: Halifax. Figures relate to April 2011. Altrincham, in the North West area, is the only town in the top ten from outside London and the South East, with children here having an average balance of £2,044. Other areas outside southern England with higher than average children’s savings balances are West Bromwich in the West Midlands (£1,745), Wilmslow in Cheshire (£1,664) and Wetherby in West Yorkshire (£1,593). There is also a significant variation between the largest average balances in Greater London (£1,652) and the lowest in the South West (£1,144) – a difference of 44%. This variation increases as individual towns are compared against each other. The lowest average balance of £898 is in the Hampshire town of Gosport, significantly lower than the highest recorded average in Harpenden. Girls vs. Boys Across the UK, the difference in average savings (http://www.halifax.co.uk/ Table 2: Top ten children's average savings balances by gender and town £ Town Girls Town Altrincham Harrow Barnet Hounslow Ilford Enfield Slough Maidenhead Brentwood St Albans Source: Halifax. Figures relate to April 2011. Nitesh Patel, savings economist at Halifax, comments: "Children in Harpenden have the highest average savings balance at twice the UK average; whilst, many of the ten largest saving areas are in North London. Altrincham is the only town from outside southern England. "Learning saving habits at an early age can play an important part in a child's future. Equipping children with important life skills such as money management will prepare them for financial decisions later in life when they go to university or are looking to get on the housing ladder.” Map 1: Children's average savings balances by gender and region Source: Halifax April 2011 Editors' Notes The data used in this research refers to balances at the end of April 2011 and relates to the balances per customer (i.e. it is an aggregate of all accounts held by the individual with Halifax). 1 Some children’s savings accounts must always be held in the name of the adult trustee until the child reaches 16 (such as with Regular Saver accounts - http://www.halifax.co.uk/ "This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/ End
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