Abbey Savings rates female savers

06 September 2007
More women are saving but men still hold higher balances, new research from Abbey Savings has found.

The figures show that 58.4 per cent of new applicants for its savings products are women, but men hold £100 more on average in their accounts.

Covering its super individual saving account and super bond products, the figure is over six per cent more than the general national female saving statistic of 52 per cent.

The savings data come as the bank announces its new saving range of investment vehicles this month.

Abbey head of savings and investments Reza Attar-Zadeh welcomed the findings that more people are saving for their future, whether it be women or men.

"We believe that it is important that as many [people] as possible start saving early for their future and as tax efficiently as possible," he said.

Meanwhile, the introduction of the Pensions Act 2007 into law is set to allow many low income women to receive an extra £50 a week by the 2050s from the state pension, the Department for Work and Pensions has said.

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