Study shows average cash ISA balance to be £7.8k

Halifax has found that the average UK cash ISA holds £7,836

New research into the country's savings account market has shown that the average cash ISA balance in the UK is in excess of £7,800.

The latest Halifax ISA Savings Map published on Saturday (March 19th 2011) provides analysis about savings trends across the different regions in Britain and established that cash ISA balances are generally greater in London and the south east of the nation.

However, the lowest average amount held in such savings accounts was also found to be in a borough of the capital, as people in Hackney have some 39 per cent less than the nationwide figure stashed away.

Meanwhile, individuals in the Derbyshire Dales are seemingly the most savings-orientated members of the public, as they have an average of more that £10,400 stored in cash ISAs - some 34 per cent higher than the country's average.

This follows on from Keith Churchouse of Churchouse Financial Planning saying that not enough people are currently saving sufficiently for their retirement.

By Kate Guthrie