Men still best at saving

Father and sons saving

Women have a greater intention to save but men are better at actually saving, according to new data from Halifax.

In June, women opened more Halifax savings accounts - 57% of all new fixed-term accounts; 53% of instant-access accounts; and 55% of tax-free accounts were opened by ladies.

But when it comes to actually putting money away, men come out on top. The average balance for variable-rate products opened by men with Halifax was £8,936 in June, compared to £7,664 for women. Men also had higher fixed-rate balances too, although only 1% higher.

Instant-access accounts were the most popular in June, followed by ISAs. Fixed-term accounts were out of favour with savers though, with the lowest number of new openings.

"It is good to see that there is a strong savings habit, we know that people are currently focusing in building up their savings and paying down their debts so it unsurprising that most savers are opting for instant-access accounts," says Richard Fearon, head of savings at Halifax.