Female savers outperforming men

09 June 2006
The National Savings and Investments (NS&I) Quarterly Savings Survey for spring 2006 has shown that women have overtaken men when it comes to the proportion of their income they are saving.

As a percentage of their annual salary, women, on average, are saving 6.84 per cent – one per cent higher than the equivalent figure last spring and almost half a per cent (0.47 per cent) higher than the amount saved by men.

"Historically we've seen that men have consistently out-performed women with the amount they've saved, the percentage of income they saved, and the number saving," said Dax Harkins, senior savings strategist for NS&I.

"What we've seen in this quarter is women overtake men for the first time ever. They are saving a higher percentage of income for the first time. That's a real shift."

Mr Harkins also noted that women tended to be more focused in their savings, saying that 43 per cent of men are "saving for nothing in particular", whereas the same was true of only 35 per cent of women.

This made women "more disciplined and consistent savers", he said.

To read more about savings and investments, click here.

track© Adfero Ltd