Young men save more than the national average and young women, survey finds

The desire of owning a property and of financial security makes young men among the most dedicated savers in Britain, a survey released today has found.



An average £104 a month is saved by men aged between 25 and 34 each month, against the national average, which stays at £88 a month, according to data by NS&I. Women in the same age bracket manage to save an average of just £76 a month.

Almost four in ten men between the ages of 16 and 34 have a savings goal, compared with just over a quarter of the country.



Planning ahead: The desire of owning a property sees 47 per cent of 25-34 year olds of both sexes saving for a deposit to buy a home

Nearly half (47 per cent) of 25-34 year olds of both sexes prioritise saving for a deposit to buy a home compared to a quarter who are saving for a holiday or special occasion.



The study also found that 23 per cent of them are saving to ensure their future financial security. In comparison, 19 per cent of 45-54 year olds are saving to ensure their financial security, according to the research.



Younger people are managing to put aside more money than anyone else under-65, the study found. While 16-24 year olds are managing to put aside 7.8 per cent of their monthly income, those between 45 and 54 years save just 6.7 per cent of their take home pay each month.



John Prout, savings spokesman for NS&I, said ‘We are delighted that so many young people are mature beyond their years and saving responsibly.



‘Setting specific targets is a good way to stay motivated, and even if it’s only a small amount being set aside each month the savings soon mount up.

‘If you’re struggling with your finances, January is a great chance to start afresh and set achievable goals to work towards over the coming year.’



Nathan Atherton, 35, who teaches students with behavioural difficulties, said he was taught to save by his grandfather as a child and has been putting aside half his income every week since he was 16.

Mr Atherton, from Preston, saves £550 every month and says he makes sure he lives within his means.

‘My granddad used to say that if you spend half and save half you can’t go far wrong and I’ve always done that, even when I was an apprentice earning £40 a week.

‘I wanted to buy a house and I did that ten years later. Now there is a big element of security, especially now my wife is expecting a baby. I want to know my savings balance is ok and if one of us were made redundant we would be secure for a while.