Lloyds TSB investing figures show Women saving less

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Lloyds TSB investing figures show Women saving less

Women are worse at saving money than men, figures from Lloyds TSB Savings has found.

The savings gap between the sexes starts early, with figures for 11 to 15-year-olds already showing boys with a savings balance more than £500 higher on average than girls'.

Overall 11 to 15-year-olds have on average £1,026 tucked away, however this fund is quickly eroded when children approach adulthood.

Lloyds TSB found that savings drop to their lowest level between 16 and 20. At this stage boys have about £594 saved, compared with the girls' £467.

"From a really strong start as children, it seems that when girls get older their love of saving slows down. Possibly as their attentions turn to typical teenage interests of clothes and make-up, their ability to save is affected," commented Lisa Stephenson, Lloyds TSB Scotland customer, wealth, and marketing director.

However, once children enter the working world their savings rebound.

Lloyds TSB found that the 21-34 age group has increased its savings by a quarter from their 16 to 20 levels.

This increase in savings goes on throughout the working life, as does the gender savings gap.

By the time people reach retirement men have an average savings account worth more than £2,000 more than the average woman's.

In the over-65s category women have an average savings balance of £4,889 while men have more than £7,250 put away.

"We all need to take responsibility for saving for the future. By getting into the habit of saving regularly as youngsters, we can really make a difference to the way we live in later life," Ms Stephenson concluded.

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