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Media centre /
Press releaseMEN FAILING TO MEASURE UP FINANCIALLY01 September 2006
British men need to earn at least £49,247 a year before women consider them successful and wealthy, and more than one in 10 would only consider a partner to be successful and wealthy if they are earning £100,000 or more, according to NS&I’s latest Quarterly Savings Survey, published on 1 September. Men have lower expectations, saying a woman earning £42,147 would be considered successful and wealthy. Despite progress towards gender equality, it seems some traditional expectations remain in the 21st century, with almost half (45%) of women regarding a healthy bank balance – including savings – as more important than good looks and home ownership in a potential partner, while just 22% of men say the same. Men struggling financially face a tough time, because women expect their men to have an average of £24,281 in savings – the reality is that they have around £20,000 – while men are happy with savings of £15,143 among women. And women may face disappointment as men’s ideal savings – the amount they would like to save each month – fall short of the amount they actually do save, by around £100 a month. NS&I’s quarterly savings survey: the financial reality According to the summer 2006 NS&I Quarterly Savings Survey, the average person in the UK has a grand total of £17,271 in savings, excluding pension contributions. Although men have an average of £20,335 in savings, this amount falls well short of women’s expectations despite the fact that women have £5,000 less in savings, averaging £14,167. Overall, the average monthly amount saved per person in Britain during the months of June, July and August was £87.85, equal to 6.8% of the average income. This savings rate is second only to the highest level of £89.11 recorded in autumn 2005, which means people are taking notice of the message that they need to save more for the future, despite rising inflation. The 54% of the population who put money away on a monthly basis are saving £174.50 a month, a 10.3% increase on this time last year when the savings rate was £158.26 and from spring 2006, when it was £165.87 a month.
Dax Harkins, senior savings strategist at NS&I, said: “The good news is that savings levels continue to rise although the percentage of regular savers remains relatively static. We would like to see more people putting money away on a regular basis as part of a more disciplined approach to saving. Our results show that people who take this approach end up with a savings pot almost twice the size of those who only save sporadically. “Our findings also show that finances form a very important part of relationship dynamics and this is reflected in the expectations people have, both in terms of salary and savings levels. Maybe people do believe they can buy happiness after all.” The gender gap Although men save more than women, they have higher take-home pay. However, women might find men’s savings aspirations disappointing at 13.59% of take-home pay, as they still fall below the 15.80% of income specified by women. Kate Maycock from Relate, the relationship people, said: “Feeling financially insecure will put some strains on a relationship. These latest figures bear out that two people are unlikely to exactly agree on what is a healthy nest-egg and what is a financial crisis. Accept that you will not change your partner’s attitude to money, but that the two of you can come to an agreement on how you will manage your differences and plan your saving.”
Financial security important in successful relationships Despite the marked differences in expectations, the majority (64%) agree that financial security is important to the success of their relationship. Just 14% of all respondents said they did not think it was important at all. This NS&I Quarterly Savings Survey supports this sentiment, which shows the total average value of savings among married and cohabiting couples are higher than those of divorced, widowed, separated or single people. Indeed, when it comes to putting money aside, married couples exceed all British averages measured by the survey, most likely due to sharing the costs of living.
Notes to Editors For a PDF of NS&I's Quarterly Savings Survey click here or for a hard copy or further information on the statistics supplied in this release please contact the NS&I media team. A regional trend breakdown is also available. The survey of peoples’ savings habits and likelihood to save in the future was carried out by TNS Phonebus among 3,081 GB adults aged 16+ between 16 June – 8 August 2006. Dax Harkins is available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by e-mail.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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