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- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
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)
