SEASIDE SAVERS: BRIGHTON AND HOVE RESIDENTS SAVE 78% MORE PER YEAR THAN THE NATIONAL AVERAGE
- Brighton and Hove’s locals are Britain’s biggest savers, increasing their emergency funds by £3,557.38 annually.
- Newcastle residents put away the smallest amount per year (£1,205.17)
- On average, Brits hold £20,993.01 per person in savings, adding £2,007.18 to them each year
Residents in London officially rank 3rd for saving the most money annually!
Residents in Brighton and Hove officially top the list of UK cities saving the most money on average per year, according to VoucherCodes.co.uk.
The Personal Finance Report 2023, by a UK site, VoucherCodes.co.uk, delved into the nation’s finances, evaluating how much Brits annually boost their bank balances based on their location.
The findings reveal residents in the seaside town save on average £3,557.38 per year – 78% more than the national average of £2,007.18.
Following in second position is the Scottish capital, Edinburgh, where residents deposit an average of £2,853.19 per year.
London (£2,741.16), Cambridge (£2,423.00), and Cardiff (£2,229.12) also make up the top five cities saving the highest amount per year.
UK cities ranked by the amount saved, on average, per year
| Rank | City | Amount saved, on average, per year (£) | The total amount held in savings, on average (£) |
| 1st | Brighton and Hove | £3,557.38 | £20,949.11 |
| 2nd | Edinburgh | £2,853.19 | £51,401.87 |
| 3rd | London | £2,741.16 | £21,757.01 |
| 4th | Cambridge | £2,423.00 | £15,774.46 |
| 5th | Cardiff | £2,229.12 | £16,156.30 |
| 6th | Norwich | £1,993.88 | £25,727.98 |
| 7th | Southampton | £1,913.16 | £23,294.13 |
| 8th | Oxford | £1,912.50 | £29,023.65 |
| 9th | Bristol | £1,871.11 | £17,350.51 |
| 10th | Leeds | £1,853.62 | £22,823.61 |
| 11th | Plymouth | £1,800.00 | £26,000.33 |
| 12th | Belfast | £1,783.33 | £23,141.02 |
| 13th | Glasgow | £1,635.63 | £10,679.38 |
| 14th | Birmingham | £1,609.57 | £18,798.33 |
| 15th | Aberdeen | £1,596.88 | £20,141.34 |
| 16th | Leicester | £1,568.39 | £17,182.14 |
| 17th | Liverpool | £1,532.23 | £23,174.67 |
| 18th | Sheffield | £1,525.50 | £15,313.96 |
| 19th | Manchester | £1,403.90 | £18,130.32 |
| 20th | Newcastle | £1,205.17 | £20,109.99 |
| N/A | National Average | £2,007.18 | £20,993.01 |
Brits currently have £20,993.01 saved for a rainy day
People living in Newcastle put the least amount into their savings per year at £1,205.17. 40% less than the national average (£2,007.18).
Regarding which areas of the UK think they are the most ‘financially savvy.’ People living in Edinburgh top the chart, with nearly three quarters (72%) stating they are good at managing their money. They are followed closely by people in Belfast (67%) and Brighton and Hove (64%), who rank 9th and 1st for the amount of money they save each year.
The report also examined which areas have the highest average personal savings, revealing Edinburgh as the city banking the highest amount for emergencies at £51,401.87. Looking at the nation as a whole, Brits currently have £20,993.01 saved for a rainy day, 59% less than those in the Scottish capital.
Residents in Oxford take second place, stashing away £29,023.65 in their savings accounts. Plymouth (£26,000.33), Norwich (£25,727.98), and Southampton (£23,294.14) follow closely behind.
On the flip side, people in Glasgow have £10,679.38 saved on average. This amounts to 79% less saved than people living in Edinburgh and almost half (49%) less than the average Brit.
Brits are doing their best to put money away for a rainy day, despite the ongoing cost-of-living crisis.
Anita Naik, the Savings Expert at VoucherCodes.co.uk, said: “Up and down the United Kingdom, it’s clear from our Personal Finance Report that Brits are doing their best to put money away for a rainy day, despite the ongoing cost-of-living crisis.
“With everyday costs continuing to rise in 2023, there are plenty of methods consumers can utilize to not only help increase their savings but also make their money work harder for them. Ensuring you have the best interest rate on your savings account is a simple way to increase your savings even if you can’t put as much away as you would like. Consumer sites such as Which? and MoneySavingExpert.com have useful guides such as the ‘best high interest bank accounts that are frequently updated with the latest rates. Moving your money regularly ensures you always have a great interest rate and get the best returns.”
Top Tips for Saving
Don’t be put off by this article if you do not have this sort of money saved. It has been a tough few years, and many people have been dipping into their savings, if they have any, to meet the cost-of-living crisis.
The one time I started saving, was when I was broke. Sounds Unbelievable, I know! I wrote this article, 10 Things being broke taught me and this period of my life taught me how to be careful with every penny I had. I also started a habit of saving £25 a week. I set up automated payments, so I didn’t see this coming out of my account, and this paid for me to return to London for a job.
