Women savvier with the way they spend and save

Retailers might be disappointed to learn that new research by The Co-operative Bank Savings reveals that three quarters (75%) of women will not be splashing out on impulse buys this year.

The findings confirm that over two fifths of women are planning to spend less on clothes (60%), fashion accessories (41%) and eating out (43%). The figures also highlight that more than half of women (59%) confess to buying more classic fashion pieces now, thinking about the good old theory where a cheaper item of clothing can actually be more expensive in the long run than a classic garment.

When looking at broader attitudes to spending, the research also shows that over three quarters of women (75%) have recently tried to cut back on their spending and believe they have become savvier with the way they spend their money as a direct result of the economic uncertainty.

However, most retailers will be happy with the knowledge that many women are still refusing to cut back on food (31%), wine (19%) and presents for others 16%).

The findings also highlight that women are taking a greater interest in their bank balances, with the majority of women (64%) now more likely to open a bank statement and read it than this time last year, and a third (32%) of women also regularly going online to check their balance.

John Hughes, Director of Retail Products for The Co-operative Bank, said: "The research clearly demonstrates that women are now much savvier with the way they spend and save their money. They are sticking to a budget and paying greater attention n to their bank balances.

"Saving can be hard immediately after the festive period but saving regularly throughout the year can make a big difference in the long run, whether saving for a specific event like a summer holiday or just for a rainy day."