Savings gap emerges between him and her
Published On 19 February 2007
The savings gap between men and women is substantial, according to a new report.AXA found that while men managed to set aside £15.25 billion in savings accounts last year, women only mustered £9.9 billion.
This means there is a gap in interest earnings between the genders of £160 million - while men earned £457.6 million in interest, women only raked up £297 million.
These findings mean that men 'outsaved' women by 1.5 times in 2006.
While the average man saved £1,206.50, the average woman saved just £794.89 – revealing a difference of £411.
Colin Nelson of AXA, said: "It is good news to see so many people setting aside money in short or medium term savings.
"However, women are falling some way behind. While £411 a year doesn't sound like much, after only five years the average woman’s savings pot would be over £2,000 smaller than a man's – not to mention the lost interest."
The outlook is good for those who do make the decision to save: the bank of England's three interest rate hikes since August 2006 mean that there is more money to be made on savings accounts.
