Gender savings gap revealed

Men and women save for different things. Men save for the future and women save for the short term. Women save to meet short term goals like paying for holidays and men save in case of emergencies, according to a new survey detailing male and female attitudes to saving. Carried out by NS&I Saving, the report highlights that over two fifths of women set cash aside for a holiday where as just under a third of men save up for long term targets covering things such as emergencies. More than a quarter of men said they are saving for retirement where as just 14% of women said the same.

One in three Brits don’t have rainy day savings

Extra costs that arise out of the blue cannot be paid for by people who have little in the way of savings. Credit cards, loans and family members are relied upon to finance unexpected living costs. A third of Britons do not have enough cash set aside for emergencies, leaving them struggling to pay for unexpected bills, according to a survey carried out by gocompare.com. The comparison website found that unforseen utility bills, car maintenance costs and dental work could leave many people in dire financial straits.