The volume of female savers across the UK is nearly a third higher than men, according to new research. However, the research also suggests that men save up to 40% more cash in total.
The latest research from NatWest found that men are more ambitious and they aim to save double the amount that women do.
A recent survey which explores the behaviour of savers found that women tend to save for ‘something special’ and significant events such as holidays and weddings. In contrast, men are more practical in their motives for saving. Men are more likely to save for a house deposit, a car or their own business.
Women aim to save an average of £5,600 compared to men, who want to save £10,000.
Phil Sheehy, Head of Savings at NatWest and RBS commented; “Whether you’re saving for your first house, family holiday or even to follow a favourite sports team around the world, we want to encourage our customers to get into the habit of putting a bit of cash aside when they can.”
The study found that there are different attitudes towards saving between the ages as well as the sexes.
Many of those aged 18 or under plan to save for a car compared to those in their 20s who are more likely to be aiming for a deposit on their first property. Typically, over 65s are saving for retirement.
People are also putting money aside for other life expenses such as a new laptop, eye surgery and even new motorhomes.
The research also highlighted that many are making a conscious effort to save over the next 12 months.
London had the highest average target rate of saving at £9,962, whereas those in the North hope to save just £6,006.
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