Women are better savers than men

Women have more savings as a share of their earnings than men in all regions across the UK, according to a survey by leading British bank Halifax. Research shows that female savers typically have around £500 more put away than men. Despite having lower average earnings, women have a balance of around £8,211 compared to £7,699 held by men - making a savings gap of £512. This means that women have around 41 percent of their annual wages in savings, while men have less than a quarter, at 23 percent The South West of the country was named as the area where both men and women are likely to have high amounts put away as a proportion of their salaries. Women living in the region have around 49 percent of their annual earnings in savings, at £8,700 on average, while men there typically save only 28 percent of their yearly wage, or £8,344. Meanwhile, female savers in London have the lowest amounts stashed away in savings as a share of their annual wages, at 18 percent or £8,600. Men in London have a typical balance of £8,032. Savers generally have had a much tougher time in recent months with soaring costs of living coupled with a freeze on pay rises across the UK. "However much cash people can afford to put aside in savings, the most important thing is that it is working as hard as possible. Tax efficient savings vehicles such as Isas can help people to make the most of their savings," said Richard Fearon, head of Halifax savings.