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Women beat men when it comes to saving

Women beat men when it comes to saving

Category: Savings

Updated: 22/02/2013
First Published: 22/02/2013

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 It is now over 6 months old so the content may be out of date.

Research has found that women in England and Wales are making the most effort to put money away for their futures, despite continually earning up to £13,500 less than men.

According to the Halifax Savings Barometer, the average savings pot held by a woman stands at £8,211 compared with the average male holding £7,699, reflecting a £512 difference.

An average balance for a female saver accounts for 41% of her average yearly income, compared with 23% for men.

The campaign for equal and fair pay is an ongoing issue. Women are estimated to earn up to 14.9% less than their male colleagues, despite doing the same job.

Commenting on the findings, Richard Fearon, head of Halifax Savings, said: "In recent years, people have become more aware of the need to put money aside in order to build a financial savings 'cushion'.

"Not only are women outsaving men relative to their annual earnings, but they also have more savings in total."

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