Moneybox has surveyed 90,000 of its investors in the 17/18 ISA season to ascertain what type of savings provision people are making for the future.

After analysis, it was found the average weekly saving was £25, with those in London the biggest ISA contributors(£36 every week), and the people of Sunderland and Belfast saving the least, investing £19 every week.

When it came to attitudes, savers in the South had a more daring approach to financial risk, with just over half (50.7%) opting for Moneybox’s ‘adventurous’ global equity-heavy product when investing their weekly savings. This compared to 48.6% of Northerners.

Drilling down to town and city level, savers in Southampton are the most adventurous, followed by those in Edinburgh and Sunderland. In contrast, those investing money in Hull are the most risk-averse.

What’s particularly encouraging is the number of people getting into the habit of investing every single week.”

The Moneybox research also goes some way to dispelling the myth that Millennials spend all their money on cold pressed coffee and avocados. The company – whose average customer age is 31 – said that micro-investing was capturing the attention of younger people. The observation follows the company’s drive to get people saving their spare change to help provide for the future.

The trend for small, regular savings dovetails with industry advice that suggests tenants can help accumulate a deposit for their first home by giving up small indulgences and treats. One agent, Strutt & Parker, recently said that giving up six luxuries, such as takeaways and a weekly night out, could save renters more than £6,000 per year.

Ben Stanway, co-founder of Moneybox, commented, “What’s particularly encouraging is the number of people getting into the habit of investing every single week. Contrary to popular belief, this proves that Millennials are absolutely willing and able to plan towards their future and are already taking smart steps to make it happen.”