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What are the differences between men and women’s savings, this International Women’s Day?

Men are almost twice as likely to have over £20,000 in savings than women.

Americans continue to use their savings to spend, despite high inflation. - © AFP Jade GAO
Americans continue to use their savings to spend, despite high inflation. - © AFP Jade GAO

Financial news for International Women’s Day. A new study reveals some interesting insights about the gender savings gap and how savings vary between both men and women. The data relates to the U.K.

How much do British people have in savings and what are the differences in savings between genders?

The study by savings surveyed 2,000 people on their savings habits to reveal how much money the average person saves, as well as the differences in the gender savings gap. The results have been provided to Digital Journal.

How much money do people currently have in savings?

Roughly, how much money do you currently have in savings, not including pension?FemaleMaleTransgender
I don’t currently have any savings13%8%33%
Less than £1,00016%13%33%
£1,000 to £2,50010%11%0%
£2,501 to £5,00015%14%0%
£5,001 to £10,00018%16%0%
£10,001 to £20,0008%9%0%
Over £20,00014%24%33%
Prefer not to say6%5%0%

The study found that men are almost twice as likely to have over £20,000 in savings than women, which could be down to the differences in earnings (and reflective of the gender pay gap).

Yet both genders are similarly likely to have little or no savings, suggesting the financial difficulties of the current cost of living crisis are faced by all.

How much do people currently have in their emergency funds?

How much is currently in your emergency fund?FemaleMale Transgender
Less than £5005%2% 0%
£500 to £1,0009%10% 0%
£1,001 to £2,00010%13% 0%
£2,001 to £3,00011%13% 0%
£3,001 to £4,00018%12% 0%
£4,001 to £5,00019%12% 0%
Over £5,00022%32% 100%
Prefer not to say7%6% 0%
Total711517 1

A larger percentage of men (32 percent) report to have emergency funds worth over £5,000, in comparison to women, where more fall in the £3,001 to £4,000 bracket.

The study found that women are more likely to have dipped into their savings than men, which is reflective of having less money in their emergency fund.

The data also shows that women are generally more impoverished than men, with more women than men save less than £100 per month. Disparities also exist in terms of take home pay since men are twice as likely to save more than 20 percent of their monthly income after tax.

These data patterns are indicative of society, at least as far as the UK goes, continuing to be unequally balanced when it comes to financial differences between men and women.

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Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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