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Men 'save more than women'

Men managed to save one and a half times more money than women last year, according to new research.

A study by Axa found that during 2006, men put around £15.25 billion into savings accounts and earned £457.6 million in interest.

By contrast, women saved £9.9 billion last year, which earned them £297 million in interest.

The firm has calculated that this works out to a loss of £160.64 million in interest payments for women.

Axa spokesman Colin Nelson said it is good that people are setting money aside, but warned that women are falling behind.

"Saving is a good habit to get into if you can afford it," he continued.

"This country's buy now, pay later attitude can't be sustained forever, so if you can save to buy you will be in a far better financial position in the long-term."

This follows research from Engage Mutual Assurance, which found that many parents are choosing to contribute to a savings account for their child instead of giving them pocket money.

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19/02/2007 16:41:19

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