Women beat blokes in savings savvy

by Adam Smith04 Jun 2012

A new study has claimed women are better than men at sacrificing spending habits to meet their savings goals.

The RAMS Savings Satisfaction Survey by Gender has revealed 73% of women will defer purchases to meet savings goals, as compared to 63% of men. Women said they were most likely to stop eating out or avoid buying clothes and shoes. Men also said they would eschew eating out, and would cut back on alcohol purchases.

Men and women both listed holiday savings as more important than saving for a house. The survey found that 69% of men and 53% of women said saving for a holiday was their number one priority, while 31% of men and 43% of women listed a house deposit as their top savings goal.

Women showed more interest rate savvy than men, with 52% putting their money into high interest savings accounts versus 44% of males.

Gen Y also pipped older generations in their commitment to saving. Respondents under 29-years-old were more likely to have a high interest savings account than the rest of the population.