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Women stay ahead in the savings stakes

Women are managing to build up larger savings cash pots then men, despite earning less, research has suggested.

A new report found that women typically have €9,298 put aside, or 40pc of their gross average earnings, compared with a figure of €8.921 for men, accounting for 23pc of their typical salary.

Researchers for the survey in the UKsuggested women's savings were likely to have been boosted by wealthier partners transferring cash into their names for tax purposes, as well as the numbers of older women inheriting money after their husbands had died.



balances

The Halifax Savings Report used its own savings database to compile the report, alongside official statistics on earnings.

Halifax economist Martin Ellis said: "A key theme to emerge from the Halifax savings survey is that women appear to be saving more than men.

"Whilst women typically have slightly higher savings balances than men, the difference as a proportion of earnings is quite substantial."

He added: "Female savers seem to be managing to devote more of their earnings to savings."

hnews@herald.ie


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