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Women Save More Than Men

Women Save More Than Men Halifax has revealed that women tend to be better savers than men.

A study by the bank found that women put aside some 40 per cent of their income, while men saved just 20 per cent.

According to the research, the north of Norfolk was the region with the best savers, with people there prepared to save over half of their salary.

Halifax said that an average savings account in the region had a balance of around £9,883 - the same as 55 per cent of average annual earnings. Mainly due to higher wages, the highest average balance could be found in London, despite the fact that its residents set aside the smallest part of their earnings.

The research also found that over-75s have an average balance of more than £20,000.


Insurance company Scottish Widows warned that nearly half of Britons - 49 per cent - are still not making adequate preparations for retirement. It went on to warn that some 18 per cent of people are not making any savings at all.

Student debt continues to be a concern. A survey by the NatWest bank last year found that the average graduate leaves their course with debts of around £12,363.

This is a daunting prospect for many sixth formers. The research found that just 41 per cent felt that they were prepared financially for university.

However, children appear to be learning from the previous generation. Abbey has said that 11-15-year-olds have saved around £475 as they become more aware of money matters.

Its research found that 77 per cent of children were saving for future expenses such as higher education and a similar amount were using their money to buy their own gadgets such as mobile phones and laptops.

Abbey director of banking Steve Shore said that this would help parents who are feeling hard-pressed by the current economic climate.

Debt Management News posted on 01 August 2008

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