Scottish Friendly reveals British saving habits

GLASGOW, Scotland - April 5, 2013 - PRLog -- A study carried out by Scottish Friendly on their website revealed that men are better, more thoughtful savers than women. Scottish Friendly provides a wide range of products including tax free saving and investment plans (tax treatment depends on your individual circumstances and tax law may change in future). To improve on these products and services, they asked their customers about their savings habits and what they were saving for.

The study took the form of an online survey into its customers’ habits and intentions and their plans for saving for the future. The survey was conducted in 2012 over a period of 4 weeks and received over 1,600 responses.

Drawing on these statistics, this infographic illustrates the results from survey respondents. The survey revealed key differences between men and women in their attitudes to money and saving.

Men are found to be the better savers, in intent and in results. These statistics show that men are more likely to make a consistent commitment to monthly savings.

Men also report higher levels of happiness with their savings, with 42% of male respondents being happy with their savings; 7% more than their female counterparts.

Women, in contrast, are more aspirational in their ideas about saving, with 6% more women than men respondents revealing that they would like to save more.

What are British men and women saving for?

The study showed that men are more forward-thinking savers.

Men are ahead in saving for key life events, particularly in saving for a child’s future (30.8% men, vs 21.6% women); putting together a deposit for a house (11.1% men vs 7.6% women).

Men also posted a huge lead in preparing for retirement, with 50.8% of men saving for 65, versus only 36.9% of women.

For more frivolous means, the study showed a close correlation on savings for a rainy day, holiday. Only 2.2% of male respondents and 1.9% of female savers reported saving for a shopping spree.

You can view the survey findings in infographic form at: http://www.scottishfriendly.co.uk/menvswomen

About Scottish Friendly:

http://www.scottishfriendly.co.uk

Scottishfriendly.co.uk is a progressive and modern financial services group. It provides investors and their families with a wide range of products from simple savings solutions such as friendly society tax free savings plans to administration of life and investment products.