Women tightening the purse strings
Results from the latest Legal & General (L&G) survey show women seem to be feeling the financial pinch more than men.
Its latest MoneyMood survey reveals the mood for spending among women was down 18% since last month, and the lowest for over a year.
Julia Clayworth, Legal & General’s wealth management head of marketing, said: “What is really interesting about this month’s results is that it is clear that the reported economic downturn is not having a uniform impact.
“Although it is good to see people are exercising caution with their spending, they are not changing their behaviour dramatically. It will be really interesting to see next month’s results which will be taken after the recent stock market volatility and see if this has filtered down to people’s spending behaviour.”
This month has seen an interesting split in spending habits between the different age groups. A quarter of 18-24 year olds are in the mood to spend, but only 17% of 45-54 year olds feel the same. The biggest actual drop in ‘mood to spend’ comes from the 55-64 age group, where L&G reports an 18% drop.
Clayworth added: “It is possible that the older generation have a clearer memory of previous recessions and are acting cautiously as a result of this. As people become more cautious with their spending habits, now is the time to really think about building a savings plan which could prove invaluable if the recession really takes hold. Even saving just a few pounds a month could make all the difference if times get tough.”