Women of all ages realise the importance of paying into a savings account

Women of all ages realise the importance of creating a financial safety net by paying into a savings account on a regular basis.

Such are the findings of a new report by Halifax, which found that 89 per cent of women consider it important to have savings to fall back on regardless of age.

It was revealed that 52 per cent of women that save do so in order to maintain financial independence.

Women aged between 18 and 24 (with the majority of females this age being single) and those aged over 55 (who may be widows) were the most likely to cite this as their main reason for saving.

The second most popular reason for paying money into a savings account is to maintain a safety net in case a relationship fails, so this is most important for those aged over 45 and less of a concern for younger women.

It was also found that 20 per cent of those aged between 35 and 44 and 19 per cent of those aged between 45 and 54 keep their own savings so that they can take control of the spending and saving in the household.

Flavia Palacios, head of savings at Halifax, said: "Despite the reason for saving changing according to a woman's age and lifecycle needs, it is encouraging to see that all women, regardless of age, consider it important to have their own savings."

Consumers thinking of saving may want to shop around online for a new savings account that may offer better interest than their current provider.

If so, they could use a price comparison site such as Money Expert to do so.

The latest BM Savings Saving Britain report found that 52 per cent of Brits are raiding less money from their savings accounts.
 

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