Southern Women are Savviest Savers
28 November 2013
- Savings Map highlights geographic and gender difference
Women in the South East have the highest average savings balances and save 10% more than their male counterparts, making them the most savvy savers in the country according the latest Halifax Savings Barometer.
The quarterly savings review shows that women are not only out-saving men, with an average balance of £8,113 - 7% more than male savers (£7,563) - but they also save more in proportion to their earnings. The average balance of a female saver equates to almost 40% of their average annual gross earnings, which is almost twice the amount male savers manage, 22%.
In all regions, except the North East, female average balances are above those of male savers. The 10% difference in average savings balances in the South East is the greatest in all of England and Wales and sees women here holding an average balance of £9,578 compared to the £8,713 held by men.
Richard Fearon, Head of Halifax Savings, said:
“We have seen women consistently out-saving men throughout 2013, both in terms of average balances and in relation to earnings. This suggests a fundamental difference in the attitude towards saving between the sexes, and highlights that, even if you’re earning less, it is possible to save more with a positive savings habit in place.”