Men saving more than women

A feature article by aregan, Apr 12, 2008         

Men have a greater propensity to store away their cash in savings accounts than women, it has been revealed. Research conducted by Yorkshire Building Society shows that men are 50 per cent more likely than women to have a savings account with at least £1,000 in it. Overall, 62 per cent of people have such an account, yet the study also highlighted the fact that while the majority of Brits appear to have caught the savings bug, they have yet to grasp how best to make their money work for them.

According to Yorkshire Building Society, 37 per cent of the people who have a savings account with at least £1,000 therein don't have a tax free Individual Savings Account (ISA) - meaning they are paying tax on the interest they earn unnecessarily. Indeed, it is estimated that 15 million people are paying more tax on their savings than they should be.

Yorkshire Building Society's poll was completed by 1,002 people, and found that people in Wales and the south-west of England were most likely to have more than £1,000 in savings in a savings account. Those in East Anglia and the East and West Midlands followed closely behind, while those in the north-east were least likely to set aside money for a rainy day.

Similarly, those in Wales and the south-west are most likely to have an ISA, followed by those in East Anglia and the East and West Midlands, suggesting that people in these areas are the best at managing their finances. Once again, people in the north-east displayed the least financial acumen, with just six per cent opening an ISA.

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