Saving early could limit need for future debt advice

04/01/2010

People in Scotland may be more likely to require debt help in the future after it was revealed that those north of the border do not save as much money.

According to findings from Halifax, the average savings balance held in children's accounts in Scotland stands at £875, which is nearly 60 per cent lower than the Greater London average of £1,380.

Harrow and Barnet had the highest reported averages - £2,122 and £2,016 respectively - while Oadby and Wigston in Leicestershire had the highest savings average outside southern England, with a figure of £1,698.

Halifax economist Nitesh Patel said that saving from an early age can avoid the need for debt advice later in life because it helps children to "understand the value" of money.

"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," he commented.

"These variations reflect, to a large extent, differences in average earnings for adults across the country."

Halifax housing economist Martin Ellis recently said that the affordability of houses for first-time buyers had "improved substantially over the past two years".

Tags; Budgeting Advice,

Regional Debt Advice; Debt Help Greater London, Debt Help Leicestershire, Debt Help London, Debt Advice Barnet, Debt Advice Harrow, Debt Advice Leicester,

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