Irish Wedding News
05/12/2011
Female savers in the UK have an average savings balance equivalent to 40% of their gross annual earnings – 17% more than male savers who have an average balance of 23% of their earnings.
Women save a bigger proportion of their earnings than men across all regions in the UK.
There are two factors that are likely to be boosting women's savings: firstly, tax benefits; higher tax rate paying husbands transferring savings into their wives' names to reduce the amount they pay in tax and secondly, elderly single females who are left with the savings when their husbands die.
Martin Ellis, economist at Halifax, comments: "Two key themes emerge from the Halifax savings survey. Firstly, there is a wide variation in regional balances and secondly women appear to be saving more than men. Whilst women typically have slightly higher savings balances then men, the difference as a proportion of earnings is quite substantial. Female savers seem to be managing to devote more of their earnings to savings.
"Saving habits can differ greatly, with many savers putting away spare cash for an event such as a holiday or wedding, however, it is still important to plan for the long-term future, such as saving for retirement."
(GK)
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Women Better At Saving For 'Special Occasions'
Woman are proving to be better savers than men, putting away more money for special occasions such as weddings and holidays.Female savers in the UK have an average savings balance equivalent to 40% of their gross annual earnings – 17% more than male savers who have an average balance of 23% of their earnings.
Women save a bigger proportion of their earnings than men across all regions in the UK.
There are two factors that are likely to be boosting women's savings: firstly, tax benefits; higher tax rate paying husbands transferring savings into their wives' names to reduce the amount they pay in tax and secondly, elderly single females who are left with the savings when their husbands die.
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Martin Ellis, economist at Halifax, comments: "Two key themes emerge from the Halifax savings survey. Firstly, there is a wide variation in regional balances and secondly women appear to be saving more than men. Whilst women typically have slightly higher savings balances then men, the difference as a proportion of earnings is quite substantial. Female savers seem to be managing to devote more of their earnings to savings.
"Saving habits can differ greatly, with many savers putting away spare cash for an event such as a holiday or wedding, however, it is still important to plan for the long-term future, such as saving for retirement."
(GK)
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