UK Savings Week: How Does the North West Stack Up?

It’s UK Savings Week, and at the Vernon, we’re all about helping you make the most of your money - no matter where you’re starting from. UK Savings Week is all about finding a savings style that works for you. Even saving just £10 a month can reduce stress and build confidence. You don’t need a big lump sum, just a habit that fits your lifestyle. This year’s research has some fascinating insights, especially for those in the North West. So, let’s dive in!

A Region of Savers 

Did you know that, outside of London, people in the North West are putting away more into their savings each month than anywhere else in the UK? In fact, the average savings pot here is a whopping £29,824 - over £3,000 more than the national average! According to our own data, savers in Warrington are topping the charts, putting away almost £250 a month into our Online Regular Saver account. But before we get too comfortable, the research also shows there’s room for improvement. In our region, 15% of adults have no savings at all (compared to the national average of 12%), and 28% have less than £1,000 set aside (national average: 14%). So, while many are doing brilliantly, some of us could still use a little boost.

Where are the North West Keeping Their Savings?

Here’s something that might surprise you: one in five people in the North West are keeping their savings in their current account, which means they’re missing out on interest. This is especially common among 25-34 year olds (41%), compared to just 16% of over-55s. With so many great savings accounts out there, it’s worth making your money work harder rather missing out on valuable interest!

Why Savings Matter

Savings aren’t just numbers on a page - they’re peace of mind, breathing space, and the freedom to say yes to new opportunities. Research shows that almost a quarter of workers (22%) say money worries have affected their performance at work, and one in five have taken time off due to financial stress. For younger adults (18–24), that rises to one in three. The good news? Even a small savings buffer can make a big difference. Most people (81%) believe they could save at least an extra £10 a month if they tried, including almost half of those who currently have no savings at all.

Getting Started: First Steps to Saving

You don’t need a big lump sum to start saving. Try putting £10 into a savings account on payday - think of it as paying yourself first. Or set aside a few pounds each week. The key is to find a savings style that fits your lifestyle. Don’t worry if you’ve never been a saver before. Almost half of those who used to see themselves as spenders have now switched to being savers. Habits can change!

Check out the UK Savings Week website for tips, savings calculators, and guidance on finding the right account for you. Whether you’re just starting out, looking to grow your savings, or want your money to work harder, UK Savings Week is the perfect time to take that first step. And remember, we’re always here to help you on your savings journey.