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Children In Harrow Have Highest Savings

The Halifax Children's Savings report highlights savings in the UK for customers up to 16 years old. The research is based on data from Halifax's deposit savings database. Halifax is the UK's leading savings provider with over £258 billion of savings and more than 15 million savings customers (approximately 12% are under 16). The analysis is based on children's savings accounts held with Halifax in June 2008 in 430 local authority areas in the UK. The figures in this report, by their very nature, exclude children who have no savings.

·          Children in Harrow, Greater London, have the highest savings balances in the UK with an average balance of £2,193, followed by two other London boroughs, Brent (£1,927) and Barnet ( £1,896)
·          The lowest level of children's savings are in Gosport, Hampshire (average balance of £673) and Thanet in Kent (£677)
·          The average balance of a children's savings account in the UK is £1,049
·          Seven UK regions have average children's savings balances of over £1,000; Greater London (£1,379), Northern Ireland
·          (£1,146), West Midlands (£1,119), South East (£1,115), Wales (£1,049) East Midlands (£1,038) and the North (£1,026)
·          Boys, on average, have higher savings balances than girls; £1,073 against £1,024 - a difference of 5%

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Date: 9th, October, 2008

Author: Ben Wilkie

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