Young men top the bill for savings

03 March 2005
They may not seem like the most stable characters, but a new survey has revealed that young men are the group most likely to be saving for a rainy day.

The research, by National Savings and Investments, showed that young people saved the highest proportion of their monthly income, at 9.25 per cent, with 25 - 34 year-olds saving the next highest amount at 7.58 per cent.

Even this proportion isn't enough, the survey suggests, with 44 per cent of young people as a whole and 22 per cent of those aged 25 to 34 saying they wanted to save more.

But the research also reveals that men are more likely than women to be putting some money away.

It suggests that men have 50 per cent more money put away than women. The average male now has £21,026 invested, while the total average savings held by women are £13,989.

And the gap is set to widen with men saving £51.03 a month more than women.

This is still the case independent of any pay gap, with men saving a higher percentage of their income than women.

"This winter savings survey has highlighted a growing and worrying problem in women's savings habits," said Dax Harkins, senior savings strategist at National Savings and Investments

"[Women] save a lower percentage of income. The net result is that their total savings are falling further and further behind men's.

"They say they would like to save more, showing that they do have a strong savings ethic but they need to find ways to turn this very positive thinking into positive action."

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