Women seem to be pinching the pennies more than men, Birmingham Midshires found in its second quarterly report of the year.
According to the Saving Britain campaign, women saved slightly more than men (£618 as opposed to £604). However, men dented their savings by withdrawing £541 of their savings, whereas women only took out £245.
On average, people saving money in the UK took out an average of 63 pence for every pound they saved. This is 11 per cent more than in the first quarter of the year.
Brits seem quite generous, as the main reason they withdrew money from their savings was to lend to friends and family.
Unexpected bills also dealt a hard blow to people saving money. Women also blamed the gap in their savings account on impulsive shopping sprees.
Richard Brown, head of savings products at Birmingham Midshires noted that saving money requires strict disciplined and warned against the summer temptations like a new wardrobe, holidays and socialising.
"We would urge people to realistically assess their budgets and think through their savings allocation so they put aside a realistic amount of money each month," Mr Brown suggested.
Single people under 30 took out the biggest proportion of their savings to help others. Couples that own homes were saving the biggest amount, 78 pence in every pound.
Struggling to be saving money in summer
Financial Services > Savings > Savings and Investments News
Struggling to be saving money in summer
Thu, 04 Aug 2005
| savings news |
|---|
| ISA allowance saves consumers thousands - Fri, 12 Mar 2010 |
| Savings rates falling to fund mortgage cuts - Wed, 10 Mar 2010 |
| Savings accounts hit by latest base rate decision - Mon, 08 Mar 2010 |
| More News |
