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Women saving 14% less than men

Men are saving substantially more than women, with the fairer sex putting away 14% less than their male counterparts according to new research conducted by the market research institute Integral on behalf of Erste Bank.

In Austria, women save an average of €173 per month compared to the male average of €197.

This gender divide has been partly attributed to differences in pay, with almost half of all women working part time, and 80% of part-time workers being women.

Head of Private Banking Susanne Höllinger expressed her surprise at the finding, given her personal view that women tended to neglect financial security.

Höllinger warned that women could not and should not rely upon a partner or the state to come to their rescue if they had not provided themselves with a financial safety net.

Women are, however, putting aside slightly more for family members than men.

The research is supported by findings from Scotland, when in October last year the Bank of Scotland conducted research and found that men had better saving habits than women.

In the same month, the sixth Scottish Widows Women and Pensions Report found that substantially more women than men were not saving enough for their retirement.

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