Women save £15k less than men

16 May 2014

Women save around £15,000 less than men over their lifetime, new research has revealed.

While the average Brit saves £20,380 over the years, in 2013 this fell to just £13,070 for women, compared to £28,079 for men, reported Santander.

The average saver put away £110 a month but women saved less at £87 a month, while men regularly topped up their savings with £134.

The gender savings gap is widening, with the difference having doubled between 2012 and 2013.

In 2012, men had an average of £24,272 in savings, while women had £16,720 - a gap of just £7,552, compared to the £15,009 in 2013.

Santander's research also worryingly revealed that 19% of Brits, around 10 million people, don't have any savings at all.

Of those that do save, residents of the South West have the most, at £32,129 on average. Just behind them are those in the East Midlands (£29,877) and London (£24,351).

Residents of the North East save the least, with just £11,266 on average.

Less incentive to save

Anna Bowes at Savingschampion.co.uk said: "It's always a concern if people are not putting aside enough or worse still any savings for their future. Although it's not wholly surprising with the cost of living continuing to rise, albeit at a slower pace, it's still essential that everyone puts something aside.

"In the current low interest rate environment there may be less incentive to save, but people have to think about their future as well as saving up for things they may need in the short term."

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