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Women are more prudent than men, finds research

19/05/2009

Women are more likely to save a greater proportion of their income than men, according to a new study.

Research conducted by the Halifax revealed that women save 17 per cent more than men in relation to their incomes.

The lender's analysis was based on official statistics and the banker's own review of its savings accounts.

It revealed that female savers have average balances equal to almost 40 per cent of their average earnings, while men only mange to muster 23 per cent.

Ruth Whitehead, director of independent financial advisers Ruth Whitehead Associates, commented: "My many female clients frequently manage their whole family finances and are tough and shrewd when it comes to making financial decisions."

However, Ms Whitehead noted that despite their ability to manage family funds, many were still underpaid in their place of work.

Men and women save approximately the same amount "but that women earn less so their savings represent a higher proportion of their income", she added.

 

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