Men out in front in savings battle of the sexes - Savings - News - Moneyfacts


Men out in front in savings battle of the sexes

Men out in front in savings battle of the sexes

Category: Savings

Updated: 10/06/2010
First Published: 10/06/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
A clear gender gap has emerged amongst savers, as men continue to save at a significantly higher rate than women.

Guys are now banking over a third more each month than girls, according to Santander.

As a result, the average male saver now has almost £7,000 more held in his savings accounts than the average female saver.

Younger males are the most ardent savers of all, banking an impressive £170 each month, almost double the £91 per month that younger females are saving.

A simple way for women to start to close the savings gap would be to switch their savings account or cash ISA to a more competitive deal.

Around six in ten (59%) savers in the UK claim to have an instant access savings account, while 43% have a cash ISA.

While having a savings account or cash ISA is a great start, making sure you are getting the best rate available will boost your savings even further.

Check out our savings account best buy charts and make sure you are making the very most of your money.

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Average five-year fixed bond rate falls below 2%

Long-term fixed rate bonds used to be the top solution for savers looking to get a decent return on their savings, but unfortunately, times have changed, with our latest data revealing that the average five-year rate has fallen to a new record low.

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.