AXA: Men able to save 1.5 times more than women

21 February 2007
British women saved only £9.9 billion last year compared to the £15.25 billion in savings stashed away by their male counterparts – losing them over £160 million in interest, according to research from AXA.

Women's savings accounts accumulated around £297 million in interest – but men 'out-saved' them by a multiple of 1.5, gathering £457.6 million.

As a result, women are saving £411 a year less than men on average.

AXA spokesperson Colin Nelson seemingly blamed women's poor savings figures on a "buy now, pay later attitude", advising: "Saving is a good habit if you can afford it."

But affordability is precisely the issue for many women – AXA's commentary gave no hint of the possibility that women continue to find saving much more difficult due to grave wage rate differentiation between what men and women earn.

And unwarranted generalisations on gender spending patterns can be misleading – as the recent research on clothes shopping from Prudential Home Insurance suggested, showing that while 77 per cent of women own clothes they had forgotten about, the same is true for 67 per cent of men.

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