Women save more than men according to Legal & General survey

Posted on September 11th, 2010 | Categories - Savings

More women are saving for their future than men, according to the latest MoneyMood survey by Legal & General.

About 64 per cent of women said they are in the mood for saving, up by 5 per cent from the beginning of last year. However, the number of male savers had fallen from 59 per cent to 56 per cent.

Mark Gregory, Legal & General Executive Director Savings, said: “The mood of the nation is definitely one of saving rather than spending. But there is a marked difference in the responses from the sexes. Women are clearly the driving force in maintaining the saving habit in most households”.

The survey showed that almost 70 per cent of people said they are saving for a rainy day and over 50 per cent said they are saving for a holiday. Saving for a new car or wedding came at the bottom of the list at 18 and 11 per cent respectively.

However, a staggering 40 per cent of men said they were saving in case they lost their job, illustrating their continued concern over state of the economy and job stability.

Mr Gregory said: “The focus of saving appears to be more about meeting short term needs such as paying households bills and more immediate concerns such as saving in case you lose your job. Saving for luxury items such as new clothes or a night out appear further down the list suggesting that people are perhaps putting off these things. And longer term needs such as paying off credit cards, saving for a new car or a deposit on a house appear near the bottom”.