# SAVING CITY: Glaswegians are revealed to be the best savers in the UK
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-06-21
Category: INVESTING
Category URL: https://financedigest.com/category/investing
Meta Title: New Research Reveals Brits Saving £3,340 P/A for
Meta Description: New research shows Brits save 15% of income for emergencies. Glasgow leads in savings. Average person saves £3,340 per year. Find out more!
URL: https://financedigest.com/saving-city-glaswegians-are-revealed-to-be-the-best-savers-in-the-ukhtml

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- On average, Brits are putting a sixth (15%) of their income away for a ‘rainy day’1
- Men are typically better at saving than women
- Brits are saving £3,340 p/a – around 15% of the average annual ‘take home’ salary2

New research conducted by pension advice specialist, Portafina, has revealed that Brits are successfully saving a sixth of their annual [income for the future](https://www.financedigest.com/income-diversification-is-not-just-the-future-it-is-now.html "Income diversification is not just the future: it is now"), and Glaswegians are the best at putting money away for ‘a rainy day’.

Portafina polled a sample of 2,007 UK-based working adults to determine the average sum of [money we have in savings](https://www.financedigest.com/the-top-strategies-for-saving-money-on-food-and-groceries.html "The Top Strategies for Saving Money on Food and Groceries"), plus how much money we have put away in the last year, where we saved it, and what we plan to do with it. The results provided an intriguing [insight into how brits are preparing for their futures](https://www.financedigest.com/automotive-coolant-aftermarket-is-projected-to-exhibit-a-cagr-of-4-0-through-the-forecast-period-2020-2030-future-market-insights.html "Automotive coolant aftermarket is projected to exhibit a CAGR of 4.0% through the forecast period 2020-2030 – Future Market Insights").

[Top saving cities across the UK (highest percentage of people that put £2,000+ into a saving or bank](https://www.financedigest.com/hsbc-ups-price-targets-on-greek-banks-with-eurobank-piraeus-top-picks.html "HSBC ups price targets on Greek banks, with Eurobank, Piraeus top picks") _account in the last 12 months)_:

- Glasgow (32%)
- Nottingham (26%)
- London (24%)
- Norwich (24%)
- Birmingham (23%)
- Southampton (23%)
- Leeds (22%)
- Liverpool (21%)
- Manchester (20%)
- Edinburgh (19%)

With the average UK annual salary sitting at £27,0002 (of which £21,600 is ‘take home’), and a basic standard of living (for a single person with no children) expected to cost more than £16,000 a year3, Portafina was pleasantly surprised to discover that on average, each adult was able to put more than £3,340 into savings (£2,537) and pensions (£803) in the last 12 months.

The top five [reasons why people saved](https://www.financedigest.com/five-reasons-to-start-saving-early-for-higher-education.html "Five Reasons to Start Saving Early for Higher Education") were:

- For a ‘rainy day’ (40%)
- For a holiday/travel (30%)
- For the future/retirement (27%)
- For a property purchase or deposit (26%)
- For a car purchase (16%)

Of the £2,537 saved in a typical bank account, £600 came from a work bonus, £245 from a gambling or lottery win, £475 was gifted by family, £707 inherited, and £510 was set aside from salary.

The estimated personal contribution to a pension was £803. As expected, age played a part, with 18-24 year olds (65%) and 25-34 year olds (48%) admitting to [putting less than £500 into their pension](https://www.financedigest.com/cash-crunch-for-british-funds-puts-regulators-under-pensions-lens.html "Cash crunch for British funds puts regulators under pensions lens") pot in the last year.

Of the total £3,340 saved per person, just under £800 was taken out again; usually for unexpected bills or a holiday.

The study also revealed that men typically save more than women, with one fifth of women (20%) having up to £10,000 saved, versus a third (35%) of men.

Looking onwards and upwards, £2,650 was the total figure that Brits [hope to save in the next 12 months](https://www.financedigest.com/stocks-reach-one-month-high-on-u-s-debt-ceiling-hopes.html "Stocks reach one-month high on U.S. debt ceiling hopes") – a very similar sum to what was achieved on average in the last year (£2,357).

Jamie Smith-Thompson, Managing Director at Portafina commented: “The poll gives a very healthy view of how people are managing to save in the UK. As a financial adviser, it is heartening to see that people’s aspirations for saving in the [future appear to be close to what they are setting](https://www.financedigest.com/title-n95-mask-market-future-is-set-for-massive-growth-with-high-revenue.html "N95 Mask Market Future is Set for Massive Growth with High Revenue") aside at the moment.

“What remains vitally important is _how_ that [money is saved](https://www.financedigest.com/the-top-strategies-for-saving-money-on-energy-costs.html "The Top Strategies for Saving Money on Energy Costs") for the long-term as well as the short-term. If a [bank account is where you are keeping](https://www.financedigest.com/bank-of-england-keeps-powder-dry-on-crypto-pockets-of-exuberance.html "Bank of England keeps powder dry on crypto ‘pockets of exuberance’") all your savings, then you are missing out on the growth that you could enjoy elsewhere, such as an ISA. And if you are saving for your future, you are missing out on substantial tax relief. That £3,340 would instantly become at least £4,175 in a pension just through basic tax relief.”


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