Women save more than men despite earning less

Women in Britain end up saving a larger chunk of their income compared to men, a new study has revealed.

The fairer sex usually put aside 7,981pounds or 40 per cent of their gross average earnings on the other hand, men save 7,657 pounds, which is just 23 per cent of their typical salary.

The only places in UK where men were found to have saved more than women were Scotland and the North of England.

Researchers at the Halifax suggested women's savings were likely to have been boosted by wealthier partners transferring cash for tax purposes, as well as the numbers of older women inheriting money after their husbands had died, the Daily Mail reported.
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"While women typically have slightly higher savings balances than men, the difference as a proportion of earnings is quite substantial," Halifax economist Martin Ellis said.

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

The report revealed that the customers in the South had a typical balance of 8,734 pounds, which is 29 per cent of gross annual earnings for those regions.

While, those in the rest of the UK had a slightly lower balance of 7,759 pounds, but had put a higher proportion of income away, which was at large 33 per cent.

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