Cardiff ranks 5th in the UK for saving the most money per year
Residents in Cardiff officially place 5th in the UK for saving the most money per year, saving £2,229.12. However, it’s people in Brighton and Hove who officially top the list of UK cities saving the most money on average, per year.
The Personal Finance Report 2023, by the UK’s most trusted savings site, VoucherCodes.co.uk, delved into the nation’s finances, evaluating how much Brits annually boost their bank balances by, based on their location. The findings reveal residents in the seaside town save on average £3,557.38 per year – 78% more than the national average of £2,007.18.
Following in second position is the Scottish capital, Edinburgh, where residents deposit an average of £2,853.19 per year. London (£2,741.16) and Cambridge (£2,423.00) also make up the top five cities saving the highest amount per year.
UK cities ranked by amount saved on average, per year
| Rank | City | Amount saved on average, per year (£) | Total amount held in savings, on average (£) |
| 1st | Brighton and Hove | £3,557.38 | £20,949.11 |
| 2nd | Edinburgh | £2,853.19 | £51,401.87 |
| 3rd | London | £2,741.16 | £21,757.01 |
| 4th | Cambridge | £2,423.00 | £15,774.46 |
| 5th | Cardiff | £2,229.12 | £16,156.30 |
| 6th | Norwich | £1,993.88 | £25,727.98 |
| 7th | Southampton | £1,913.16 | £23,294.13 |
| 8th | Oxford | £1,912.50 | £29,023.65 |
| 9th | Bristol | £1,871.11 | £17,350.51 |
| 10th | Leeds | £1,853.62 | £22,823.61 |
| 11th | Plymouth | £1,800.00 | £26,000.33 |
| 12th | Belfast | £1,783.33 | £23,141.02 |
| 13th | Glasgow | £1,635.63 | £10,679.38 |
| 14th | Birmingham | £1,609.57 | £18,798.33 |
| 15th | Aberdeen | £1,596.88 | £20,141.34 |
| 16th | Leicester | £1,568.39 | £17,182.14 |
| 17th | Liverpool | £1,532.23 | £23,174.67 |
| 18th | Sheffield | £1,525.50 | £15,313.96 |
| 19th | Manchester | £1,403.90 | £18,130.32 |
| 20th | Newcastle | £1,205.17 | £20,109.99 |
| N/A | National Average | £2,007.18 | £20,993.01 |
At the other end of the spectrum, people residing in Newcastle put the least amount into their savings per year at £1,205.17 – 40% less than the national average (£2,007.18).
When it comes to which areas of the UK think they are the most ‘financially savvy’ its residents in Edinburgh who top the chart, with nearly three quarters (72%) stating they are good at managing their money. They are followed closely by people in Belfast (67%) and Brighton and Hove (64%), who rank 9th and 1st for the amount of money they save per year.
The report also examined which areas have the highest average personal savings, revealing Edinburgh as the city banking the highest amount for emergencies at £51,401.87. Looking at the nation as a whole, Brits currently have £20,993.01 saved for a rainy day (whether for unexpected bills of for emergencies that need electricians or plumbers), 59% less than those in the Scottish capital.
Residents in Oxford take second place, stashing away £29,023.65 in their savings accounts. Plymouth (£26,000.33), Norwich (£25,727.98), and Southampton (£23,294.14) follow closely behind.
On the flip side, people in Glasgow have £10,679.38 saved on average, the least of all cities surveyed. This amounts to 79% less saved than their neighbors in Edinburgh and almost half (49%) less than the average Brit.
Anita Naik, Savings Expert at VoucherCodes.co.uk said: “Up and down the United Kingdom, it’s clear from our Personal Finance Report that Brits are doing their best to put money away for a rainy day, despite the ongoing cost-of-living crisis.
“With everyday costs continuing to rise in 2023, there are plenty of methods consumers can utilize to not only help increase their savings, but also make their money work harder for them. Ensuring you have the best interest rate on your savings account is a simple way to increase your savings even if you can’t put as much away as you would like. Consumer sites such as Which? and MoneySavingExpert.com have useful guides such as the ‘best high interest bank accounts’ that are frequently updated with the latest rates. By moving your money regularly you can make sure you always have a great interest rate and are getting the best returns.”