Gender savings gap 'increasing'

02-03-2005

Women are falling behind men when it comes to saving money, according to the quarterly National Savings and Investments (NS&I) survey.

Women save 6.58% of their monthly income, while men put aside 7.26%, the survey of 1,469 adults suggested.

A greater likelihood to save, combined with higher average salaries, means that men's savings are on average �7,000 larger than women's, it says.

The gender savings gap was "growing and worrying", according to the NS&I.

"Women's salaries are, on average, lower than men's, so you would expect a lower amount of savings," NS&I spokesman Dax Harkins said.

Average savings: Men v women
Men save �182.28 a month, women �131.25
Men save 7.26% of salary, women 6.58%
Men have total savings of �21,026, women �13,989
Source: National Savings and Investments

"But, they also save a lower percentage of income. The net result is that their total savings are falling further and further behind men's." However, the survey suggested that, overall, people saved more on average over the past quarter than the previous one.

The average amount saved was �51.03 over the three months to the end of February, compared with �32.97 for the previous three months.

Region by region, people in Yorkshire, famed for their thrifty ways, are the most likely to save - six out of 10 from the county put money aside.

At the other end of the scale, fewer than half of the people in the East Midlands save regularly.

BBC News

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