Halifax: Children in London have highest savings

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Halifax: Children in London have highest savings

Mon 4th Jan 2010

Children living in London have the highest average savings in the UK, according to Halifax Building Society.

Analysing their own data for children aged under 16 years old, the Halifax found that average savings for youngsters in the UK is £1,064.

Children in the capital enjoy the highest amount already put to one side for their futures, with the borough of Harrow having an average of £2,122 per child with a Halifax account.

Overall, children in London have £1,380 in their savings account, compared to those living in Scotland, who have £875 on average.

Nitesh Patel, economist at Halifax, commented: "There are wide variations in children's savings balances between regions, with generally higher balances in Greater London and the south-east compared to the north of England and Scotland."

Many children may find they are increasingly reliant on these savings in the future, after Halifax reported in October that more students that ever before are looking for government help to fund their studies.

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