Women savers on the increase

The number of women who say they're in the mood to save has increased steadily over the last two years, while the number of men (who say the same) has dropped, according to the latest MoneyMood Survey.

The percentage of women who say they are in the mood to save has increased to 64 per cent from 59 per cent at the beginning of last year.  However, the percentage of men who say they are in the mood to save has fallen to 56 per cent (59 per cent in 2009).
What are we saving for?

Analysing the results of the latest Survey, the top things the nation said we're saving for are;

Saving for a rainy day = 68 per cent (men = 72 per cent, women = 66 per cent)
Saving for a holiday = 52 per cent (men = 53 per cent, women = 51 per cent)
Saving to pay a household bill = 50 per cent (men = 49 per cent, women = 51 per cent)
Saving for home improvements = 45 per cent (men = 41 per cent, women = 48 per cent)
And saving in case you lose your job = 32 per cent (men = 40 per cent, women = 25 per cent)

Bottom of the list are;

Saving for a new car = 18 per cent (men = 21 per cent, women = 17 per cent)
Saving for a deposit on a new house = 13 per cent (men = 19 per cent, women = 10 per cent)
And saving for a wedding = 11 per cent (men = 12 per cent, women = 10 per cent)

Commenting on these findings Mark Gregory, Legal & General Executive Director Savings said; "The mood of the nation is definitely one of saving (60 per cent) rather than spending (23 per cent).  But there is a marked difference in the responses from the sexes.  Women are clearly the driving force in maintaining the saving habit in most households. The focus of saving appears to be more about meeting short term needs such as paying households bills and more immediate concerns such as saving in case you lose your job. Saving for luxury items such as new clothes or a night out appear further down the list suggesting that people are perhaps putting off these things. And longer term needs such as paying off credit cards, saving for a new car or a deposit on a house appear near the bottom."

Saving in case I lose my job increases among men;

The number of men who say they're saving for "in case I lose my job" has shown marked increase in the last six months, up to 40 per cent (36 per cent in February).

Mark added: "Amidst continued turmoil for the economy it would seem concern over job losses is a key reason for men to save rather than spend.  Four out of ten men say they are thinking of saving in case they lose their job."