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Women saving while men spend

Women saving while men spend

Category: Savings

Updated: 23/03/2010
First Published: 23/03/2010

MONEYFACTS ARCHIVE
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Women are thinking of saving, while men just want to spend, a new survey of the mood of the nation towards money has revealed.

The downturn in the economy seems to have shaped a nation of savers, with more than six in ten (61%) people preferring to put money aside rather than spend (26%), according to Legal & General.

However, attitudes between the sexes have altered over the past year, with a marked difference apparent between the responses from women and men.

The proportion of women saying they're in the mood to save has increased to 63%, up from 59% a year earlier.

Yet the amount of men who were in the frame of mind to put money aside has fallen to 58% over the same period, down from 59%.

Instead, men are now looking to loosen the purse strings, with 28% wanting to spend, compared with 23% last year.

"Investing for a rainy day has never been more important than now," said Claire Evans, Legal & General unit trust's marketing director.

"The roll out of the increase in ISA allowances across all ages from April means that we can now save up to £10,200 per year in a stocks and shares ISA, which could mean that by putting money in an ISA, it will now be able to cover a wide range of savings needs."

As to what the savers are saving for, seven in ten (70%) were putting money away for a 'rainy day'.

Around six in ten (58%) were saving for a holiday, while almost a half (48%) wanted to pay a household bill.

Saving for a new car and for a deposit on a new house were at the bottom of the list of savers' priorities.

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