It’s safe to say we’ve all been feeling the pinch lately – but what impact has this had on our savings?
2,000 brits were surveyed by Shepherds Friendly to find out which city had the most savings – and turns out Leeds was in the top 10.
The average person in Leeds for the study had just over £20,650 – around £11,000 less than the highest city of Norwich.
The full list of cities can be found below:
| Rank | City | Average amount residents have in their savings (Individual savings) |
| 1 | Norwich | £31,533 |
| 2 | Brighton | £31,385 |
| 3 | Cardiff | £29,310 |
| 4 | Birmingham | £23,790 |
| 5 | Sheffield | £22,899 |
| 6 | London | £22,846 |
| 7 | Manchester | £22,519 |
| 8 | Liverpool | £21,165 |
| 9 | Nottingham | £20,992 |
| 10 | Leeds | £20,650 |
| 11 | Newcastle | £17,380 |
| 12 | Plymouth | £16,542 |
| 13 | Bristol | £15,257 |
| 14 | Southampton | £12,060 |
| 15 | Belfast | £10,593 |
| 16 | Edinburgh | £9,504 |
| 17 | Glasgow | £6,419 |
According to the study, men average £23,663 saved up and women have over £6000 less with an average of £17,505 in their savings.
Shepherds Friendly says “Despite this, the survey also revealed that Brits think that they need at least £35,366 in their savings in order to feel financially secure during the cost of living crisis, suggesting that most Brits don’t have enough set aside to make them feel safe.” with Derence Lee, Chief Financial Officer at Shepherds Friendly commenting: “Saving money can be a challenge for many of us, even more so in the context of the current financial climate. Our research shows that whilst Brits are attempting to be more cautious with their spending by cutting down in certain areas, many are still dipping into their savings each month to keep up with increasing costs.
The study also found that Leeds, amongst plenty of other cities, is saving less frequently than before the cost of living crisis.
Apparently, we’ve seen an average savings decrease of £179.13, which according to this map is the biggest difference across the UK.
Read More:
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You can find the full survey here.
Feature Image – Unsplash
