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Men winning the battle of the savings sexes

Men winning the battle of the savings sexes

Category: Savings

Updated: 25/01/2012
First Published: 25/01/2012

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 It is now over 6 months old so the content may be out of date.

Men are winning the battle of the sexes when it comes to saving money for a rainy day.

While research by NatWest shows that there are greater numbers of female savers, it is men who have squirreled away the most and who have ambitions to save even more.

Presently, male savers have an average of almost £2,500 put away, with females lagging behind at £1,867.

Not content to settle, males have their sights set on saving an average of around £9,200, with women having a target of £5,659.

And as well as differences between the amounts stowed away in savings accounts, research also shows the difference between the saving agendas of men and women - over a quarter of all women were saving for a holiday, whereas men save for a 'rainy day' or their retirement.

In fact, a higher proportion of men were likely to save for a car, house deposit, or their own business, whereas more female savers prioritised weddings or 'something special'.

It's not just gender that dictates savings patterns, as there is also a link between a customer's age and their savings habits. The target for under 18s is a car, while customers in their 20s are aiming for a house deposit and the over 65s are saving for their retirement.

Meanwhile, differences across the UK were also uncovered; savers in London have the highest average target balance, at £9,962, whereas customers in the North were aiming to reach £6,006 in total.

Phil Sheehy, head of savings at NatWest, said it encourages all of its customers to build up some savings.

Whether you want to save hundreds or thousands of pounds, be it over the long or the short-term, the Moneyfacts Best Buy tables are the perfect place to find the right savings account for you.

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