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Women saving more than men

The latest Halifax Savings Barometer has revealed that although women have lower average earnings than men they are currently saving more.

Female savers with Halifax have an average balance of 41% of gross annual earnings, nearly twice the 23% of men.

Women in England and Wales earn, on average, £13,500 less than men each year but the typical savings of the bank’s female customers is £8,211, compared to just £7,699 for men.

The trend holds true across all regions of England and Wales, and Head of Halifax Savings Richard Fearon emphasised the importance of making savings work for the saver.

Fearon recommended tax efficient savings vehicles, such as ISAs, which increase the return savers receive.

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