Women more committed to saving than men
Despite lower average earnings women are now saving more money than men, according to the latest Halifax Savings Barometer.
Female savers with Halifax have an average balance equivalent to 41% of their average annual gross earnings, whereas men have an average balance of just 23% of their earnings - a difference of 18 percentage points.
While women in England and Wales earn £13,500 a year less than men on average, the typical savings balance held by female customers is now £8,211 compared to £7,699 held by men - a difference of £512.
The picture is the same across England and Wales, with women having more savings in proportion to earnings than men in all regions.
Women living in the South West have the highest average savings balance in relation to average earnings (49%), which works out at an average balance of £8,700. Men save the most in relation to earnings in the South West, and Wales (both 28%), which works out at an average balance of £8,344 and £7,601 respectively.
At the other end of the scale, male (18%) and female (30%) savers in London have the lowest savings in relation to earnings, where average balances stand at £8,032 and £8,600.
Richard Fearon, Head of Halifax Savings, comments: "In recent years, people have become more aware of the need to put money aside in order to build a financial savings 'cushion'. Whether this is for a major event such as retirement or a wedding, or just for a rainy day it is important to save regularly where possible.
"However, while - on average - women earn significantly less than men the Halifax Savings Barometer shows not only are women outsaving men relative to their annual earnings, but they also have more savings in total."
Average customer balances
At the end of December, the average savings balance for Halifax customers had increased 0.3% to £7,896 from £7,871 three months' earlier.
The largest average balances are held by savers in the South East (£9,316) and East Anglia (£9,283). Whereas the lowest average savings are in the North (£7,408); a fifth lower (20%) than in the South East.
The East Midlands (£8,452) and Yorkshire and the Humber (£8,084) are the only regions outside southern England with an average balance above the England and Wales average.
The ten Local Authority Districts with the highest savings balance in England and Wales are all in the south, as are over half of lowest savings balances. South Buckinghamshire tops the list for the highest average savings balance, at £13,762, which is more than three times that of Hackney - the lowest - at £4,246.
Six of the ten Local Authority Districts with the lowest balances are in the Capital, with savers in Hackney having the lowest average balance at £4,251.
Richard Fearon adds: "However much cash people can afford to put aside in savings, the most important thing is that it is working as hard as possible. Tax efficient savings vehicles such as ISAs can help people to make the most of their savings. By protecting your savings from tax it means you will receive greater returns.
"The current cash ISA limit is £5,640 and the overall annual ISA limit is £11,280. However, people need to be aware the deadline to use their 2012/2013 ISA allowance is approaching and ends on 5 April 2013."