New research analysed by savings and mortgage provider Nottingham Building Society, known as The Nottingham, ranked regions on saving habits and total savings in order to discover the most savings-savvy locations in the UK.

The HMRC data revealed that people in the South East of England are the biggest savers, with a healthy average of £32,984 in their ISAs - over £5,000 more than the national average ISA market value of £27,606.

London has the second highest ISA average of £30,624, despite the high cost of living within the capital, closely followed by the South West, with average ISA savings of £29,397.

The region with the least saved in their ISAs is the North East with £21,749, followed by Northern Ireland (£23,028) and Wales (£23,295).

The top UK regions with the most amount of ISA savings on average are:

  1. South East (£32,984)
  2. London (£30,624)
  3. South West (£29,397)
  4. East of England (£29,364)
  5. Scotland (£28,044)
  6. West Midlands (£25,220)
  7. North West and Merseyside (£24,630)
  8. East Midlands (£24,517)
  9. Yorkshire and the Humber (£24,368)
  10. Wales (£23,295)

Further research from a study of nearly 175,000 UK residents, conducted through YouGov Profiles, has revealed Brits’ top reasons for saving. Over a third (34%) of people are saving for travel or holidays, while more than a quarter (28%) say they’re saving for a rainy day. Retirement was the third most popular life event to save for, with a fifth (20%) saving for our golden years, while one in seven (14%) are saving for a house deposit.

Jenna McKenzie-Day, Senior Savings Manager at The Nottingham said: “Twenty years after its launch, it’s great to see so many savers making the most of their tax-free allowance with an ISA.  To those that haven’t yet started saving, these average amounts may seem high and hard to achieve but the sooner you can start, the better.  Our savers are always sharing their tips and sometimes small changes can be a great place to start building your savings habit. The most popular tip is keeping a money diary to keep track of your finances and see where savings can be made. By writing everything down, it becomes clear where any unnecessary outgoings are happening.

“Another great first step is opening a savings account. Whether it’s a holiday or a home you’re saving for, it is important you choose the right account for your goal. Our customer data has shown that Starter ISAs and Easy Access ISAs have proven popular so far this year, as they made up 81% of all ISA accounts opened in April 2019. Furthermore, our LISA has been our fastest growing product for first-time buyers with seven times more people opening a LISA compared to its closest equivalent, the soon to be redundant Help to Buy ISA.”