Women are better savers than men

The savings gap between men and women has reached £512, with women overcoming the obstacle of lower average earnings to lead the savings charge.

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Research from Halifax into its own customers found that, on average, women have a balance of around £8,211 compared to £7,699 held by men.

This means that women have more savings as a share of their earnings than men in all regions across England and Wales.

While women have around 41% of their annual wages in savings, the same is true of less than a quarter of men.

Both men and women living in the South West are likely to have high amounts squirreled away as a proportion of their salaries.

Women are still putting away more, with 49% of their annual earnings in savings (£8,700 on average), while men typically have 28% of their yearly wage (£8,344) stashed away.

In stark contrast, male and females savers in the capital have the lowest amounts stored in savings as a share of their annual wages, standing at 18% and 30% respectively.

Brits have been having a tough time finding savings accounts that give them real returns on their cash, thanks to the Government’s Funding for Lending Scheme (FLS) launched in August last year.

While it has given lenders access to cheap finances, it has also made them less reliant on savers’ deposits so can afford to offer less competitive rates.

Richard Fearon, head of Halifax savings, said: “However much cash people can afford to put aside in savings the most important thing is that it is working as hard as possible.

“Tax efficient savings vehicles such as ISAs can help people to make the most of their savings.”

Posted by: WarrenWilson Categories: Finance Tags: , , Comments Off on Women are better savers than men

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