Women ‘savvier than men’ at saving

Females in the UK are savvier at saving than their male counterparts. 

Research by Halifax has found that women have a higher average savings balance in all regions of the country except the north-east, highlighting their dedication to building up a financial safety net. 

Best practice is to have three months wages set aside, as this means consumers should be able to deal with most situations, such as falling ill or losing their job, without falling into debt. 

Women typically have £8,113 saved, which is seven per cent more than the total of males (£7,563), they are also keeping hold of a greater proportion of their earnings. The average balance of a female saver is nearly 40 per cent of their salary, whereas this figure drops to 22 per cent for men. 

Richard Fearon, head of Halifax Savings, said: "We have seen women consistently out-saving men throughout 2013, both in terms of average balances and in relation to earnings. 

"This suggests a fundamental difference in the attitude towards saving between the sexes, and highlights that, even if you're earning less, it is possible to save more with a positive savings habit in place."

With Christmas on the horizon, many families may be tempted to overstretch themselves in order to buy their children the latest toys or gadgets. However, people should put a budget in place and stick to it. 

By doing so, they can mitigate the expense of Christmas and ensure their year-long efforts at saving are not derailed by the festive period. 

Women in the south-east were found to be the best at setting money aside, as they have an average balance of £9,578, ten per cent more than their male counterparts. The continuation of the north-south divide was highlighted by the fact 19 of the 20 local authorities with the largest average savings are found in the south of England. 

By Joe White