Savers in London and the South East make up over a quarter of the total money saved in UK ISAs.
There was £303.1 billion sat in adult cash ISA accounts at the end of December 2023, of which £83.8 billion, or 27 percent, came from savers in London and the South East.
This data, from CACI, found that as of December 2023 the total value saved in ISAs in the South East was £48.1billion.
This equates to a 17.7 percent increase, making it the region with the highest ISA savings.
London was in second place with a total of £35.7billion saved in ISAs as of the end of last year, a 16.1 percent increase.
The region with the lowest total savings in ISAs was the North East which only had £11.6billion, but it was still significantly more than the total of £9.8billion at the end of 2023, a year on year increase of 18 percent.
At a country level, Scottish savers have £22.8billion saved in adult cash ISA accounts, with those in Wales saving £15.4billion.
Compared to 2022 savings levels, Yorkshire & Humber saw the greatest percentage growth at 18.4 percent, followed by Scotland (18 percent) and the North East (18 percent). The lowest growth was experienced in Wales at 15.5 percent.
Derek Sprawling, Paragon Bank Savings Director, said: “Last year saw a resurgence in ISA saving, with southern regions seeing the greatest overall level of new investment into cash ISAs.
“Given the higher average salaries and the greatest concentration of housing wealth in these regions, this is perhaps unsurprising.
“However, it’s interesting to see the North West high in the table, which perhaps reflects the growing economic hubs of Liverpool and Manchester in that region.
“It’s also pleasing to see the strongest percentage growth in new ISA cash savings coming from areas that generally have smaller overall ISA deposits, including Yorkshire, the North East and Scotland.”
