More women than men are looking to save, representing a gender reversal, Legal & General has reported.
According to the firm’s Mood to Save survey, year on year the number of people who say they’re in the mood has levelled at 69%, but the number of women who say they’re in the mood to save has increased markedly.
The relative positions of the sexes are reversed compared to last year, when more men were in the mood to save than women. The percentage of women who say they are in the mood to save has increased to 72% from 67% last year. However, the percentage of men who say they are in the mood to save has fallen slightly to 66% (70% in 2011).
The top two things the nation said we’re saving for have not changed – top again this year are: saving for a rainy day (66%) and saving for a holiday (57%).
However, here is a marked increase in saving for things that help to manage household finances this year. The biggest increase in items we’re saving for are:
* Savings for home improvements or decorating = 50% (35% in 2011)
* Saving to pay a household bill = 49% (33% last year)
* To afford petrol/fares to work = 26% (13% in 2011)
* To pay off credit card debt = 21% (12% a year ago)
* For some new clothes = 30% (20% in 2011)
Mark Gregory, Legal & General executive director for savings, said: “The focus of saving has shown a significant shift to managing the household bills as people continue to struggle against the rising costs of utilities and fuel with little expectation of an increase in income to help soften the blow. Our latest figures indicate that very few people (only 7%) expect their household earnings to go up faster than inflation this year and even fewer (3%) expect their savings to match inflation.