It is "important" for young women to set out a budget and work out what they can set aside in savings to plan for the future, according to one expert.
Lisanne Mealing, director of MDM Associates, said that women ought to consider what their outgoings are to find out how much money they can afford to save .
"Women are earning more - they do have, quite often, as much disposable income as men and sometimes more. So there's no excuse for not saving," Ms Mealing commented.
An individual savings account is the "best place to start" when saving for the future as they offer "flexibility", she explained.
The Fawcett Society recently reported that young women tended to be saving as much as men and had lower levels of debt, yet were more likely to be behind with their payments on bills and credit .
Additionally, mothers' savings rates fall by 11 per cent during the first year after their first child is born, the society noted.
Women urged to save
Women urged to save
Thu, 13 Dec 2007
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