Savings accounts more popular with Scottish men than women, bank says Go compare with our comparison table

Savings accounts more popular with Scottish men than women, bank says

05 October 2010 / by Paul Dicken

Slightly more men in Scotland have savings compared to women, a survey for Bank of Scotland has found.

The poll of 1,000 people living in Scotland found that 36 per cent of men had a savings account compared to 33 per cent of women. Almost one in four women had no savings at all compared to one in five men.

Amongst the respondents, 85 per cent of women said they did not save because they feel they do not have enough money. A small proportion of women said they were too busy to open a savings account with some men saying they did not know how to open one.

Flavia Palacios Umana, head of savings products at the bank, said: “It is no surprise that so many people feel they have no spare money to put towards savings but what is important to remember is that you do not need a huge amount to start with.”

Several banks, including Bank of Scotland, offer savings accounts that can be opened with as little as £1.

Palacios Umana said reducing outgoings or consolidating debt was a priority for many but getting into the savings habit was really important, whether saving for something special or just to have funds for emergencies.

Bank of Scotland, part of the Lloyds Banking Group, commissioned the survey as part of its Autumn Savings campaign encouraging people to think about their savings.

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