British women saving more than men despite only a small average income increase
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Women saving an average of £90.51 per month in autumn 2014 despite only a small average income increase over the past year - Women saving £9.42 more than last autumn, in comparison to men only saving £1.63 more during the same period
- On average British savers putting aside more money than they were at the same point last year (£5.36)
- On average people aged between 45 and 54 were saving £102.84 per head in autumn 2014; a rise of almost £20 per month since the previous quarter
Average savings by women per head each month in autumn 2013 were £81.09; meanwhile in autumn 2014 the average saving was £90.51 – an increase of £9.42.
The increase in women’s savings per month is in contrast to a small change in the amount saved by British men each month, an increase of only £1.63 more, from £114.62 in autumn 2013 to £116.25 in autumn 2014.
Interestingly, the increase in the average amount saved each month by women comes despite a decrease in the average monthly income between summer and autumn 2014, with women taking home £11.09 less each month.
| Women | Men | |||||
|---|---|---|---|---|---|---|
| Average saved per head | Mean income (all respondents) | Amount saved as % of average income | Average saved per head | Mean income (all respondents) | Amount saved as % of average income | |
| Autumn 2013 | £81.09 | £1,044.99 | 7.76% | £114.62 | £1,467.95 | 7.81% |
| Winter 13/14 | £89.03 | £1,064.92 | 8.36% | £113.21 | £1,443.60 | 7.84% |
| Spring 2014 | £89.81 | £1,044.98 | 8.59% | £121.54 | £1,512.34 | 8.04% |
| Summer 2014 | £82.78 | £1,127.38 | 7.34% | £120.74 | £1,530.96 | 7.89% |
| Autumn 2014 | £90.51 | £1,116.29 | 8.11% | £116.25 | £1,523.29 | 7.63% |
The survey also showed signs of recovery for Britons, following summer 2014 which saw an end to a previous rise in savings. On average British savers are putting aside more money than they were last quarter (£103.25 compared to £101.66) and £5.36 more than they were at the same point last year (£97.89).
| % of income saved | Average saved per head | |
|---|---|---|
| Summer 2013 | 7.42% | £95.73 |
| Autumn 2013 | 7.76% | £97.89 |
| Winter 13/14 | 8.04% | £101.03 |
| Spring 2014 | 8.21% | £105.43 |
| Summer 2014 | 7.63% | £101.66 |
| Autumn 2014 | 7.79% | £103.25 |
The research also revealed that people aged between 45 and 54 were, on average, saving £102.84 per head in autumn 2014; a rise of almost £20 a month since the summer months where they were only putting aside on average £84.37. As a percentage of their average income this is a rise from 6.37% to 7.42%. Previously the highest average recorded savings amount for this age group came back in autumn 2006 where they were reported to be saving £103.18 per month or 6.96% of their average income.
| Monthly savings as percentage of average income | Average saved per head | |||||
|---|---|---|---|---|---|---|
| Spring 2014 | Summer 2014 | Autumn 2014 | Spring 2014 | Summer 2014 | Autumn 2014 | |
| 16-24 | 8.52% | 8.69% | 8.46% | £83.56 | £80.58 | £80.12 |
| 25-34 | 8.90% | 7.99% | 7.95% | £118.40 | £114.91 | £112.07 |
| 35-44 | 7.64% | 6.51% | 7.38% | £112.86 | £98.70 | £115.84 |
| 45-54 | 6.90% | 6.37% | 7.42% | £91.79 | £84.37 | £102.84 |
| 55-64 | 8.38% | 7.17% | 7.60% | £104.73 | £90.71 | £95.81 |
| 65+ | 9.10% | 9.21% | 8.21% | £115.85 | £128.33 | £107.40 |
Julian Hynd, Retail Director at NS&I, said:
“It’s encouraging to see that following the slight slump in savings habits during the summer months, the trend on the whole seems to be returning to what we experienced for much of last year.
“What’s interesting is the extra amount women are putting aside each month compared to their male counterparts, since spring men’s savings levels have taken a downwards hit. I recommend that people have a regular review of how much they are able to put aside in savings, regardless if you are saving for a particular purpose or just in case of an emergency or rainy day.”
Notes
The autumn 2014 NS&I Quarterly Savings Survey was conducted by TNS among 2,430 British adults aged 16+ between 4 and 10 November 2014. The survey has been running every quarter since winter 2004, and provides a snapshot of how the nation is saving.
Further data splits (including regional data) is available on request.
About NS&I
NS&I is one of the UK’s largest financial providers with over 25 million customers and more than £100 billion invested. All products offer 100% security, because NS&I is backed by HM Treasury. NS&I products are available over the telephone, internet, post and by standing order. Savings tips including a later life guide and further information on personal finance are available in the You and Your Money section on nsandi.com.