Women save more of wages than men
Filed under: Savings & ISAs
Women are putting around double the proportion of their earnings away in savings compared with men, research has revealed.
Female savers typically have 40% of their gross annual average income, or £8,015, in savings, while men have £7,538 or just over a fifth (22%) of their average yearly wage put aside, according to the study of Halifax savings accounts across England and Wales.
Need to know: Savings
Savings as a share of yearly earnings are highest for women in the South West at 49%, closely followed by the East Midlands at 47%, Halifax found.
Wales and the South West have the highest savings by men as a proportion of their earnings, both at 28%.
Richard Fearon, head of Halifax Savings, said: "Whilst women have slightly higher savings balances than men, the fact that they save almost double the amount of their earnings would suggest that saving is a greater priority to women and they manage their money more effectively to be able to do this."
On a regional basis, the biggest savers are in East Anglia, with an average balance of £9,195, while people living in the North East have the lowest average sum put aside, at £7,546.
However, as a proportion of income, people in the North East have a third of their typical annual earnings in savings on average - exactly the same proportion as people living in East Anglia.
Consumer help website Moneyfacts reported earlier this week on how providers are cutting their savings rates and withdrawing products following the introduction of the Government's funding for lending scheme, which aims to kick-start borrowing by giving lenders access to cheap finance.
Analysts have said that the scheme, which was introduced in August, has made banks less reliant on the need to attract savings deposits.
© 2012 Press Association