You are here: Home - Household Bills - News -

Women reluctant to save tax, finds survey

Written by:
Women are less than half as likely as men to try and cut unnecessary tax payments. Only seven per cent of women have taken any steps to reduce their tax bill in the past year, compared with 19 per cent of men.

The 2015 TaxAction Report, from Prudential and, found that nearly half of the women (47 per cent) who aren’t taking advantage of tax relief and allowances do so because they believe they currently couldn’t pay any less tax. Slightly fewer men (42 per cent) who had failed to take action said the same.

The research found women are more likely to prioritise managing the tax burden on their savings, particularly in the form of cash ISAs. However, men are more alert to saving capital gains tax (CGT), with three times as many men as women picking it as their number one concern.

More men (31 per cent) think they will go over the current £325,000 inheritance tax (IHT) threshold, compared to 20 per cent of women, but both are equally likely to seek professional help for IHT planning.

Advisers say that the main reasons for inaction are the same across both sexes: people are either unaware of the options available to them, or are failing to find the time to make any changes.

Les Cameron, tax specialist at Prudential, comments: ‘Tax planning is an equally important issue for men and women. There are lots of different forms of tax to consider and any potential savings will depend on each persons’ individual circumstances. For example, it’s worthwhile remembering that those in couples can benefit from double the tax reliefs and allowances available.

‘By seeking financial advice from an appropriately qualified adviser, people can better understand how they can make the most of their savings.’

Karen Barrett, chief executive of says: ‘Our TaxAction research with Prudential shows the huge potential for UK taxpayers to reduce their unnecessary tax. I see no reason for women to fall behind men in this regard, but our latest figures suggest that they may be contributing more than their fair share of the UK’s £4.9bn of tax wastage.

‘Anyone who isn’t sure of their tax saving options and allowances could most probably benefit from consulting an adviser. Whether it’s something as simple as using our ISA allowances, or more complex matters such as inheritance tax planning, there’s probably action we could all be taking to lessen our tax burden.’

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week