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How saving divides the sexes

How saving divides the sexes

Category: Savings

Updated: 04/04/2011
First Published: 04/04/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Some not so subtle differences have been identified between the sexes and their attitudes towards savings in the latest research by National Savings & Investments (NS&I).

The survey found that around a quarter of British savers are getting into good habits by setting themselves regular saving goals.

However, the study also revealed that men and women seemingly have very different priorities when it comes to putting money aside.

More than two-fifths (41%) of females with savings goals told NS&I they are motivated to save for leisure activities such as holidays, and prefer to set short-term savings goals.

Yet less than a third (29%) of men were found to favour saving in this way.

Instead, the main reason a man sets money aside is in case of an emergency (27%).

The motivation provided to men by longer term goals is cemented with 26% revealing they were saving for retirement.

NS&I saving spokesperson, Tim Mack, said it is interesting to see the difference in saving goals between men and women.

"While it is good to see that women are saving up for things, rather than relying on credit or risking going into their overdraft, a large number of women are prioritising short-term goals such as holidays.

"The majority of men are saving for long-term goals such as an emergency fund, before those short-term goals. We would encourage people to share and plan their goals and savings objectives."

Amongst the other savings goals that NS&I identified, key motivators included saving for a deposit to buy a home or pay off a mortgage (35%) and setting aside funds for their children's future (14%).

"The start of the new financial year is a good time to look at goals for the year ahead, and assess both short-term activities and long-term plans," added Mr Mack.

"Now is the perfect time of year for people to spring-clean their finances and adopt new positive savings habits."

If you're thinking of getting into the savings habit, Moneyfacts savings best buy charts are the perfect place to get started.

There you will find all manner of savings accounts, with offerings from banks and building societies large and small.

Amongst the most popular accounts available at present is Santander's esaver which pays 3.00% AER, while Nationwide's MySave Online Plus pays 2.95% variable and e-ISA 3.10%.

Also currently appealing to savers are West Bromwich Building Society's Easy Save account paying 3.01% AER, and Coventry Building Society's Family Saver at 3.00% AER.

Find the best savings rates for you - Compare savings accounts


Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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