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Men living in Greater London save less in proportion to their earnings than anywhere else in the country, new figures reveal.

They manage to put away just 18 per cent of their annual gross earnings, according to high street financial services provider Halifax.

Women in Greater London manage to put 29 per cent of their annual gross earnings to one side.

But males living in the region may need the help of an IVA to clear their debts and enable them to start saving.

Research by Tenon Recovery previously discovered that the UK's IVA hotspot is London and concerns males in particular.

"Two key features stand out. One is that women generally save more in relation to their earnings than men," states Nitesh Patel, economist at Halifax.

And the other key finding is that more money in proportion to earnings appears to be stashed away in the south-east than the north.

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