Women not saving themselves

Monday, 19 February 2007 12:00

Britain's women earned £160 million less interest on their savings accounts than their male counterparts last year.

New research from Axa shows the nation's females only saved £9.9 billion over 2006 - earning £297 million in interest - considerably less than their male counterparts.

British men saved £15.25 billion over the year, earning £457.6 million in interest.

The average male saver put away £1,206.50 over 2006, with the average woman putting £794.89 away.

But the amount being saved was seen as a positive sign by experts.

"It is good news to see so many people setting aside money in short or medium term savings," said Colin Nelson at Axa.

"A total pot of £25 billion for last year alone is very healthy and shows that Britain is becoming a nation of savers."

But he expressed concern over the position of female savers.

"Women are falling some way behind," Mr Nelson noted.

"While £411 a year doesn't sound like much, after only five years the average woman's savings pot would be over £2,000 smaller than a man's - not to mention the lost interest.

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

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