Men tighten their belts during credit crunch storm

Men appear to be tightening their belts more than women in a bid to ride out the credit crunch storm, according to new research by long-term investment provider, Skandia.

At a time when people across the UK are tightening their purse strings to cope with the credit crunch, Skandia questioned 2,000 men and women on how the financial squeeze has impacted on spending and investment habits.

The research suggests that men are taking a more pragmatic and cautious approach to their money, with almost one in five men (19%) revising their current investment strategy, compared with 13 per cent of women.

While men are more likely to prepare themselves for future uncertainty, the report also confirms that 17% of men are investing at least 10 per cent of their monthly salary compared with 13 per cent of women. Seemingly the more savvy of the sexes, men are also more likely to shop around for a better deal on their savings accounts during this unpredictable time than women (10% vs 7%).

It’s not just savings and investments which have felt the impact of the credit crunch. Everyday purchases have also suffered - men are more likely than women to cut back on general spend (13% vs 9%). Men are also significantly more likely to have put bigger spend items on hold. A quarter (25%) of the male population claim they have put their holiday spend on hold for the time-being, compared with 17 per cent of women.

Michelle Cracknell, Strategy Director at Skandia, commented on the findings: “Our research suggests that men are acting cautiously in their approach to savings and investments compared to women who are more optimistic about the future and are not yet ready to alter their spending habits. Given the current economic climate, it makes sense to review your situation and have a financial plan. It is only by having a plan to save that you will save. And if you can save now, it will only get easier.

Seeking professional advice is important in order to ensure that you maximise the benefit from your saving.”