Cooperative: Women risk losing out on Isa savings

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Cooperative: Women risk losing out on Isa savings

Tue 18th Mar 2008

New research from the Cooperative Bank has revealed that 66 per cent of British females are not planning on investing in an Individual Savings Account (Isa) before the April 5th 2008 deadline.

Currently two-thirds of women in the UK do not have an Isa and of those that do, only 32 per cent intend to invest in one ahead of this season's deadline.

Men fared significantly better, with 50 per cent of British males possessing an Isa and 60 per cent of those planning on investing in their Isa.

Its research also found that men are generally better at saving than women, with the average man putting away around £40 every four week, but the average woman only managing to save £25 a month.

Scott McPhail, savings product manager at the Co-operative Bank, said that although women often live longer and retire earlier than men, "many are simply not making enough provision for their futures and are failing to take advantage of tax-free savings".

The bank announced yesterday that it is offering a new fixed-term deposit rate of up to 6.62 per cent gross AER on a one-year term.

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