A new study of saving habits across Greater Manchester has uncovered a wide range of attitudes toward savings — from what people are saving for to how much they manage to put away, and even how openly they admit to saving.
According to research by Manchester Building Society, the average savings balance across the region is £15,420, with households putting away an average of £362 each month. However, the reasons people save differ widely from one person to the next.
People in Oldham are most likely to be thinking about jetting off abroad by saving for holidays (42%). With Stockport’s property market booming, Stopfordians are most likely to be saving for home improvements (31%) while romance is in the air in Oldham with one in 10 of its residents (9%) saving for weddings.
Those in Trafford (35%) are the most likely to spend an unexpected windfall of £1,000 immediately, rather than putting it into their savings while people in Rochdale would be most likely to save it for a year so it was worth more (22%).
Stopfordians are the least likely to save for children or grandchildren with one in five (21%) saying they save nothing for children or grandchildren. The average amount is £51.40 per month, the lowest of all boroughs. In comparison, people in Manchester save £165 per month for children or grandchildren, Trafford £121.70 and Bolton £107.30.
The research was conducted to celebrate the launch of the Manchester Rainy Day Saver account to help Mancunians save more. 0161 Dance Studios, from Ardwick, and Michelle Louise Dance Schools, based in Wythenshawe, teamed up for a bespoke dance performance outside the new Manchester Building Society King Street branch. The performance celebrated rainy Manchester days and the diversity of the wider Manchester boroughs and community.
“To be asked to be part of the Rainy Day Saver project was an honour. From being up and on set before sunrise, to working with the professional photographers and videographers it was an amazing experience for us all!
Michelle Yeomans, founder of the Michelle Louise School of Dance
“As a dance school based in Wythenshawe, we do not get opportunities like this often. So, when we do, we grab on with both hands and put 100% in!
“It has allowed us to increase our profile as a dance school and has given our students something to look forward to as well as had them feeling ‘on top of the world’ for the last few weeks.
“We are currently trying to raise money and our profile, as our home for the last 20 years (St Martins Church Hall, Baguley) will sadly be demolished. We are desperately seeking a new home for our dance school so Manchester Building Society’s support will help this. The majority of students who attend live close by and have limited transport.”
Manchester Building Society’s Rainy Day Saver product pays savers 4.25% Gross PA/AER (variable) and allows one penalty-free withdrawal each anniversary year. Upon making two or more withdrawals, interest of 1.90% Gross PA/AER (variable) will be paid. Gross interest is the contractual rate of interest, without the deduction of tax. AER stands for the Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
The Manchester Rainy Day Saver is available to open either online at https://manchester.co.uk/savings/product/manchester-rainy-day-saver or in person at the King Street branch. It is offered on a limited basis, and may be withdrawn at any time and without notice.
As a mutual, account holders become members of the Society with the ability to shape the future of Manchester Building Society. Manchester Building Society is a trading name of Newcastle Building Society, which means that eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. This limit is due to increase to £120,000 on 1st December 2025. The limit is applied to the combined total of any deposits with Newcastle Building Society and Manchester Building Society. Deposits over the limit are unlikely to be covered.
Manchester Building Society has announced an ambitious plan to invest in the region and give back to communities through charity partnerships, including with Forever Manchester and Empower Youth Zones.
