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Women save more than men

Ed Bowsher
by Lovemoney Staff Ed Bowsher on 06 December 2011  |  Comments 2 comments

A new survey reveals that women save more than men in the UK.

Women save more than men

Women save more money than men, even though they’re earning less. 

New research from Halifax shows that women save 17% more of their gross annual earnings than men. That’s not that surprising, but what does surprise me is that women save more than men on an absolute basis as well. 

The average woman in the UK has £7,981 stashed away in savings whereas the average male only has £7,657. That’s an impressive achievement given that women earn 10% less than men, according to the Office of National Statistics. 

I guess this is yet further evidence that women are the more sensible sex. That said, £7,981 probably won’t last for long if you lose your job or become ill. 

So, regardless of your gender, it makes sense to try and save more if you possibly can. 

If you’re struggling to find some cash to save, budgeting could help. Even if you have a spending budget already, I reckon you might do better at hitting your spending targets if you used lovemoney.com’s MoneyTrack tool. 

With MoneyTrack, all your online bank accounts and credit cards are aggregated in one place, so you can see exactly how much money is coming in each day and how much is going out. What’s more, your spending is categorised into different areas such as restaurants or housing costs. 

You can also track your success against your individual budgeting targets. It could help you put more money into your savings pot. Check it out now. 

More:  Fight back against inflation

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Comments (2)

  • c3pow
    Love rating 1
    c3pow said

    My personal experience: my ex saved much more than me. Proving the above. She also, however, repeatedly financed purchases, ran a balance of thousands on her credit card and thousands on her overdraft. Finance at sky high costs and then was quite pleased to slowly amass a few thousand that attracted a few percent. Women are the more sensible sex eh? Periodically I would have to bail her out, when I could afford. Itried to explain that she was financing her saving with loans, this was a concept a step too far.

    Report on 14 January 2012  |  Love thisLove  1 love
  • dave00
    Love rating 0
    dave00 said

    Women for the most part live off men. Her money is her's my money is ours!!! As c3pow above; most sensible sex eh? Hold on a minute, perhaps this is the most sensible way to travers life's financial tightrope! Maybe if the money men spend on supporting women were to be included in men's savings we would leap into the savings lead.

    Report on 23 January 2012  |  Love thisLove  0 loves

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