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2nd July 2019

Research by NatWest reveals gender divide over attitudes to saving
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According to research by NatWest Premier Banking, 28 per cent of Britain’s top women earners are worried they are not saving enough for retirement. Retirement was one of the top savings goals for respondents generally, with women saving an average £4,719 per year. However, men typically set aside an extra 38 per cent or £7,566 a year.

On the whole, affluent consumers are financially savvy, with 90 per cent saying they feel that they are in control of their finances and 42 per cent regularly investing before the age of 30. However, the index revealed clear differences in men’s and women’s attitudes towards finances. Men showed more confidence in their own knowledge, with 61 per cent saying they know more about financial services than their friends and family compared with 42 per cent of women who shared this view.

There is also a clear divide in risk appetite, with 51 per cent of men surveyed claiming to be risk averse compared with 63 per cent of women: 33 per cent of women would be willing to risk their money if it meant getting a higher return, whereas this figure rose to 48 per cent of the men surveyed.

The research found men are far more likely to act on financial advice from a newspaper (39 per cent vs 29 per cent), or financial magazine (13 per cent vs 6 per cent), while women were more likely to refer to friends and family (27 per cent vs 16 per cent). However, there was one clear similarity in the way both men and women approach their finances with an equal 64 per cent saying they love to get the best deal. The index also revealed that 40 per cent of men and 37 per cent of women use comparison websites.

Philip Northey, Managing Director of Premier Banking at NatWest, said: “This year’s Aspiration Index shows there are clear differences in the way that men and women think about saving, investing and who they turn to for their financial advice. Premier offers clients support and guidance in a variety of convenient ways to help alleviate some of their day to day pressures.”

On average, Britain’s top-earners save more than they invest and claim that the amount that they are saving has remained unchanged since last year. The top saving goals were identified as:
• Rainy day (37 per cent)
• Retirement (37 per cent)
• A holiday (32 per cent)
• Financial independence (22 per cent)
• Building renovations or improvements (21 per cent)
• Early retirement (18 per cent))
• A large purchase (17 per cent)
• A property for my children (11 per cent)