Men save more than women, study shows

LONDON: Males are more likely to put money away for a rainy day than their female counterparts, the results of a new survey show.

Bank of Scotland figures suggest 36% of men have savings accounts compared to 33% of women, while 24% of females and 20% of males have no savings at all.

In the majority of cases, people revealed that they do not put money away because they do not feel they have enough spare cash to do so.

Furthermore, many women said they were simply too busy to open a savings account, while men claimed they did not know how to.

Flavia Palacios Umana, Head of Bank of Scotland Savings Products, said it is important for people to remember that they do not need large amounts of money to open a savings account.

It was recently said by Wendy van den Hende, Chief Executive for the Personal Finance Education Group, that young people in particular face difficult financial decisions in the current economic climate.

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