Savings gap between men and women now at a staggering £15,009

15th May 2014

Women’s savings habits are lagging significantly behind their male counterparts, according to new figures from Santander Savings. At present, the average Briton has £20,380 held in savings, but this figures falls to £13,070 for women compared to £28,079 for men. This brings the current savings gender gap in the UK to £15,009.

A comparison with figures from Santander’s previous savings research suggest that the savings gender gap is getting bigger. In 2012 men had an average of £24,272 deposited, whilst women had £16,720 held in savings – a gender gap of just £7,552, which is around half the current figure.

Santander’s research shows that almost 10 million or 19 per cent of Britons are without any savings at all comprising 21 per cent for women and 17 per cent for men.  Just over a third or 34 per cent of those questioned said they were not depositing any money in savings accounts at the moment.

The average Briton saves £110 per month, but this falls to £87 per month for women compared to £134 per month for men.  In 2011, the average amount deposited by women was £98 and by men £132, demonstrating the growth in the savings gender divide.

Richard Al-Dabbagh, Head of Savings for Santander says:  “For many people, meeting the cost of everyday living can be a challenge, so the prospect of trying to save at the same time can be daunting. Having that financial safety net to fall back on is vital and it’s never too late to start saving – even if it’s just a small amount each month.  A Cash ISA is a great place to start – and you can take advantage of the annual tax-free ISA allowance, helping you build a savings pot over time.”

Regionally, people in the South West have put away almost £12,000 more than the national average at £32,129. At the other end of the spectrum, those in the North East have the lowest amount saved – averaging £11,266. Some 24 per cent of Britons say they plan to increase the amount they are saving within the next three to six months.

Table one: Regional savings figures

Region Amount saved (total) Amount saved each month
South West £32,129 £96
East Midlands £29,877 £110
London £24,351 £173
Wales £23,538 £76
South East £22,953 £136
West Midlands £21,349 £92
Yorks & Humber £17,195 £114
East of England £16,591 £104
Scotland £16,406 £84
North West £13,828 £101
Northern Ireland £12,788 £64
North East £11,266 £97
UK £20,380 £110

Source: Santander Savings

Table two: Most popular type of savings accounts

Type of savings account % of people who have one
Instant access savings account 61%
Cash ISA 45%
Regular savings account 19%
Stocks & Shares ISA 12%
Children’s savings account 9%
Savings bond 8%
Notice savings account 8%

Opinium Research surveyed 2000+ adults on behalf of Santander 18th – 21st March 2014.

Opinium Research surveyed 2000+ adults on behalf of Santander 3rd to 5th August 2011.

19.24% of respondents surveyed indicated that they do not personally have any savings (excluding pensions). Santander calculated that 19.24% x 50,371,00 (2013 UK adult population according to ONS, 2010) = 9,691,571

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