A woman using a ATM machine
Study suggests women in the UK save more than men. Reuters

A research report says women and southerners in UK are saving more cash in banks.

Women are saving more despite the fact that they earn less than men.

The Halifax Savings Report, drafted by Halifax Bank, found women typically save £7,981, or 40 percent of their gross average earnings, compared to £7,657 savings for men, accounting for 23 percent of their salary.

Only men from Scotland and the north of England save more than women, according to the study, which used its own savings database and official data on earnings to compile the report.

The study makes a note that women's savings were likely to have been boosted by wealthier partners transferring cash into their names to lower tax burden, and older women inherit money after their husbands had died.

"Two key themes emerge from the Halifax savings survey. Firstly, there is a wide variation in regional balances, and secondly, women appear to be saving more than men," noted Martin Ellis, Halifax economist.

"Whilst women typically have slightly higher savings balances than men, the difference as a proportion of earnings is quite substantial. Female savers seem to be managing to devote more of their earnings to savings."

Bank customers in the south of England are saving about 13 percent more money than their counterparts in the northern regions.

Customers in the south of England, including Greater London, the south east, the south west and East Anglia, had a typical balance of £8,734, equating to 29 percent of gross annual earnings for those regions, reports the UK MSN news.

People in the rest of the UK had a slightly lower balance of £7,759 but put a higher proportion of their average income saved, the equivalent of 33 percent of their earnings.

Savers in Hambleton, North Yorkshire, are an exception, where savings balances amount to £11,316, the equivalent of 58 percent of average earnings in the area of their earnings - Eden in Cumbria, Christchurch in Dorset, North Norfolk, Waveney in Suffolk and West Devon as these are all popular retirement areas, boosting average savings levels among inhabitants.

In contrast, savers in Islington, a north London community popular with young professionals, had an average of £7,133 as savings, only slightly below the national average but the equivalent of 12 percent of average earnings and the lowest proportion in the study.

In London, nine out of 10 districts exhibit the smallest savings to earnings ratio.

"Saving habits can differ greatly, with many savers putting away spare cash for an event such as a holiday or wedding, however, it is still important to plan for the long-term future, such as saving for retirement," adds Ellis.

Martin Weale, member of Monetary Policy Committee, had warned Britons in August that they were not saving enough to afford a comfortable lifestyle during retirement and urged them to move from consumerism to saving.