Women ‘took saving seriously in 2012’

Woman closed the savings gap on men in 2012 as they adopted a serious approach to setting money aside.

HSBC's Annual Savings Report has found that females' savings pots increased by an average of £1,775 over the year, which far outweighs the figure for males (£969). This highlights how ladies are determined to make sure they have an adequate rainy day fund should they face any unexpected expenditure.

More than one-quarter of respondents (28 per cent) termed themselves successful savers – which means they put away more money than they withdrew. However, despite the progress being made by women, they still trail their male counterparts in average savings (£23,724 to £13,746).

Embracing a frugal existence can boost the coffers when it comes to the end of the month, as it means consumers can enjoy themselves without having to compromise their lifestyle.

Bruno Genovese, head of savings at HSBC said: "It is still a tough environment for savers so it is encouraging to see an increase in those managing to build their balances. To do this, it is important to keep a regular savings habit which makes saving easier to build into the overall monthly budget, especially if it is transferred at the start of the month.

"Setting realistic goals and having a portfolio of savings to achieve short, medium and long term goals is key to building up a nest egg."

However, plenty of people are still finding it a challenge to makes ends meet. Some 29 per cent of those questioned did not save anything at all in 2012, while 24 per cent withdrew more money than they saved.

Individuals who are struggling to get by should be proactive when it comes to dealing with the issue, as burying their head in the sand will only make it worse. Seeking a debt solution is a good idea, as this means individuals can reduce their monthly repayments and will see interest frozen.

By Amy White