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Do British women have their priorities wrong when it comes to saving?

Tuesday, 31 January 2012 - UK men pipping UK women to the savings post

If saving money for a rainy day became a gender battle, figures are suggesting men would come out on top.

The research is indicating that more and more British women have taken to saving, however, it?s British men who have managed to put away the most.

At present, UK men who save have an average of £2,500 put aside, with the average female cash stash falling behind at £1,867.

According to the data, men also come out on top when it comes to their savings target, with men setting their sights at a comfortable average of around £9,000, while women are settling for a less exciting sum of around £5,000.

When asked what they would spend their savings on, a large proportion of women said they were saving for a holiday, while a significant number of men stated that their savings were for retirement or a ?rainy day?.

The figures also seem to indicate that a greater number of men save for big purchases like a car, house deposit or a business start-up, whereas female savers were more likely to be saving for more personal reasons, such as a dream wedding.

Although gender can play a part in patterns of saving, the age of the saver also makes a significant impact. Under 18s are likely to be saving for a car while savers in their 20s are looking towards a deposit for a house, and those aged 65 and over have their retirement in their sights.

Geography is also a big player in dictating how much people save. Rather unsurprisingly, those who live in London have a much higher savings target (£9,962) than those who live in the north of England (£6,006).


Do British women have their priorities wrong when it comes to saving?