UK's biggest savers revealed

Savers in the local authority have set aside an average of £9,883 each, the equivalent of 55% of local average annual earnings, according to Halifax.

There are just five areas of the country where people have savings worth at least half of average local pay, with the Isles of Scilly, Down in Northern Ireland, Christchurch in Dorset and Ceredigion in Wales also making it on to the list.

But in terms of actual savings balances, the City of London tops the poll, with people in the area holding savings worth an average of £14,267. South Buckinghamshire came in second place with people there holding nest eggs worth around £12,369, followed by Elmbridge in Surrey at £12,071.

Only three of the 25 local authorities where people had the highest savings were outside of southern England, with the Derbyshire Dales, Macclesfield and Fylde in Lancashire the only northern areas to make it on to the list.

People in West Lothian have the smallest savings balances at an average of just £3,897, followed by those in Glasgow City at £4,209 and people in Hackney at £4,209.

The table of the country's worst savers was dominated by Scotland, with 11 local authorities in the region making it on to the list, while five of the lowest savings areas were in Greater London.

Halifax found there were strong regional variations between savings levels, with people in East Anglia having the highest average balances at £8,062, while those in Scotland had set aside the smallest amount at only £5,443.

Unsurprisingly, there was a clear link between average earnings and average savings balances, with the three regions that had the most saved, East Anglia, the South East and Greater London, all having above average earnings.

The research also found that the amount people save rises significantly with age, with those aged between 65 and 74 having an average of £15,276 set aside, compared with just £1,385 for people aged between 18 and 24.