Women save more of their money than men

A Halifax Savings Report has found that, as a percentage of their average annual gross earnings, women save more of their money than men.

The reports shows that women savers in the UK on average have savings balances equivalent to 40% of their annual gross earnings.

In contrast, men on average have a savings balance equivalent to 23% of their earnings.

Men clearly get paid more than women on average as there is little difference between the average savings balances held by men and women, at £7,790 and £7,507 respectively.

Perhaps predictably the highest average savings balances are held by residents in the City of London, Kensington and Chelsea and Westminster.

Other areas of London have the lowest level of average savings balances – including in Newham and Hackney.

The data for the report is based on savers with Halifax and their savings account balances in February 2009.

Nitesh Patel, Economist at Halifax, commented ‘Two key features stand out. One is that women generally save more in relation to their earnings than men. Another is the wide variation in savings balances between regions, with generally higher balances in the South East compared to the North.’

She added ‘Savings play an important role when planning for your financial future so it is important to establish good savings habits as early as possible.’

Halifax is part of the Lloyd’s Banking Group.