Women more in the mood to save

The mood of the nation now is definitely one of saving (61 per cent) rather than spending (26 per cent), according to the first Legal & General MoneyMood Survey of 2010. But there is a marked difference in the responses from women and men.

The percentage of women who say they are in the mood to save has increased to 63 per cent from 59 per cent this time last year.

However, the percentage of men who say they are in the mood to save has fallen slightly to 58 per cent (59 per cent in 2009). Conversely the proportion of men who say they're in the mood to spend has increased sharply to 28 per cent, up from 23 per cent since last year.

What are we saving for?

Analysing the results of the Survey, the top three things the nation said we're saving for are;
Saving for a rainy day 70 per cent
Saving for a holiday 58 per cent
And saving to pay a household bill 48 per cent.

Bottom of the list are 'saving for a new car' (18 per cent) and 'saving for a deposit on a new house' (13 per cent). 

Commenting on these findings, Claire Evans, Legal & General Unit Trust's Marketing Director said,"Investing for a rainy day has never been more important than now.  The roll out of the increase in ISA allowances across all ages from April means that we can now save up to £10,200 per year in a stocks and shares ISA, which could mean that by putting money in an ISA, it will now be able to cover a wide range of savings needs."

Saving for a pension increases

The number of people who say they're saving for a pension has shown a healthy increase, up to 32 per cent (20 per cent in 2009).

Claire added: "It's encouraging that amongst those that are saving, the proportion who are providing for their old age in retirement has increased to 1 in 3 today from 1 in 5 last year.  It is reassuring to see that more people appear to be addressing their long-term needs in retirement.

For those seeking guidance, information or possible solutions to planning their financial future, visit our website at legalandgeneral.com or seek independent financial advice."