Halifax Report: Savers Look to ISAs as Average Balances Rise by 23% in 3 Years
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwire) -- 04/02/12 -- Latest Halifax research shows UK savers are building on their ISA nest eggs. Average balances grew by 14% in the last year; from GBP 7,836 in January 2011 - an increase of GBP 1,113. The growth, which is a trend seen over recent years, shows that since February 2009 the average has increased from GBP 7,269 to GBP 8,949 in January 2012 - representing a growth of 23%, or GBP 1,680.
The national average ISA balance of GBP 8,949 is equivalent to a third of national average pre-tax annual earnings1 of GBP 26,871. The biggest savers in relation to earnings are in Wales (41%) and Northern Ireland (40%). , on this basis, are in London (23%) and Scotland (28%).
Unsurprisingly, older ISA customers tend to have higher balances. Savers above 65 years of age have an average balance of around GBP 14,400 - 61% above the average for all ISA savers. Those in the age band 25 to 54 have an average balance close to GBP 5,423, which is 40% below the UK average.
Martin Ellis, economist at Halifax, commented: "It is encouraging to see that in these tough times, savers are managing to build on their ISA balances, making use of the annual allowance. Indeed it is impressive that customers, on average, have an ISA balance equivalent to a third of annual gross earnings.
"At tax year end the is in full swing and savers can access some very competitive rates in order to make the most of their hard earned savings. Judging by the ISA balances - savers still have spare allowance available to use up this tax year, so now is the time to use it before they lose it."
Average ISA balances across the UK
By region, the East of England has the highest average cash ISA balance: GBP 9,724, 9% above the UK average. Followed by the South East (GBP 9,519) and East Midlands (GBP 9,516).
Scotland has the lowest average cash ISA balance; GBP 7,031 - a fifth below the UK average.
Savers in ninety-seven local authority districts (LADs) in the UK - 25% of the total - hold an average cash ISA balance in excess of GBP 10,000. ISA savers in the Chilterns have the highest average balance which, at GBP 11,688, is 31% higher than the UK average of GBP 8,949.
Harrow in North London has the second highest average ISA balance in the country (GBP 11,670) followed by Derbyshire Dales (GBP 11,640), South Buckinghamshire (GBP 11,601) and Christchurch in Dorset (GBP 11,592). These balances are all a third higher than the UK average.
Three out of five LADs with an average balance above GBP 10,000 are in southern England. The highest savings areas outside southern England include Fylde in Lancashire (GBP 11,159), Hambleton in North Yorkshire (GBP 11,077), Malvern Hills in Herefordshire (GBP 10,657) and Powys in Wales (GBP 10,237).
The areas with the lowest average ISA balances are dominated by LADs in London and Scotland. which, at GBP 5,487, is 39% below the UK average. The East London borough is followed by Glasgow (GBP 5,655), West Lothian (GBP 5,834) and Newham (GBP 5,921).
Contacts:
Halifax
Nick Osbourne
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Datum: 02.04.2012 - 15:09 Uhr
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News-ID 131088
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