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Gender finance gap: Women saving a quarter less money than men

Gender finance gap: Women saving a quarter less money than men
Matt Browning
Written By:
Matt Browning

Women are putting around a quarter less money into their savings pot compared to men, an insurance company reveals.

On average, men have saved 30% more than they did in 2022 while females have added just 7% in the same period.

Overall, UK workers are struggling to add to their cash reserves, with a third (38%) of the 2,000 adults surveyed saving less than £100 each month.

The Exeter attributes the disparity to the gender pay gap, which according to data from the Office of National Statistics (ONS) stands at 8.3% in April 2022.

The ongoing cost-of-living crisis appears to have affected women more than men too, as 81% are worried about the spiralling financial situation, compared to 69% of men. A third (32%) of women also said their mental health had been impacted negatively in the last 12 months, while just 27% of men said the same.

Women more ‘profoundly affected’ by cost-of-living crisis

As well as saving less, women are paying less into their pension pot too. A separate study found women pay £57 less into their pension pot compared to the opposite sex and 45% less than younger pension payers, on average.

Jamie Page, head of protection distribution at The Exeter said: “From earnings and savings to pensions and insurance, the word “gap” appears too often when comparing the financial circumstances of men and women. Our research suggests that the differences that exist are contributing to women being more profoundly affected by the cost-of-living crisis than their male colleagues, something that shouldn’t be happening.

“When it comes to protecting our incomes against the financial impact of illness or injury the need is clear – irrespective of gender. Products such as income protection may seem like an added expense in the current climate, but having a robust safety net in place can be a lifeline should you be unable to work.”