Research finds female savers have more money
Contrary to popular belief, it’s been found women are better at saving money than men.
Research by Halifax found female savers have around £500 more money saved than men. While women have 41 per cent of their annual wages put in savings, men have less than a quarter.
The South West was found to be the area where most people have high amounts in savings, whereas male and female savers in London have the lowest amounts put away.
Some households’ ability to put cash aside is being hampered by increasingly high living costs, as wages stay the same.
Richard Fearon, head of Halifax savings, said: ‘However much cash people can afford to put aside in savings, the most important thing is that it is working as hard as possible.
‘Tax efficient savings vehicles such as Isas can help people to make the most of their savings.’