It seems that according to a new study of savings habits by RAMS, females are more financially savvy than their male counterparts.
The RAMS Savings Satisfaction Survey by Gender has identified that 73% of women are prepared to defer purchases in order to meet financial goals, as compared to 63% of men. Women said that they would be prepared to make various sacrifices such as shopping and eating out for a savings goal. Men also said they would reduce eating out, and would cut back on alcohol purchases.
Surprisingly enough, number one property for saving for both men and women was a holiday – this ranked higher than saving for a home deposit.
Women had more knowledge had awareness of interest rates than did 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.