YOUNG WOMEN – BEST SAVERS OF THE DAY
It’s said that women, particularly younger women, are often tempted into using up their money on frivolous things. But various studies prove that in actual fact women, and millennials in general, are better at saving the pounds than shedding them.
Celebrities, the fashion industry, and other sources of consumerist craze, are often blamed for leading women into overspending on unnecessary things. But despite that fact that as recently as 2019, women were still earning an average of 17.3% per cent less than men (83p for every £1 men are paid) the research suggests that women find it surprisingly easy to save their cash.
In fact, when it comes to saving money, women far outpace the men. According to Business Insider, who analysed studies done by the likes of Vanguard and HSBC, women have less credit card debt, are more financially independent of their parents, are more likely to save for retirement, and more likely to leave those retirement savings alone.
And although young adults are facing the financial challenges of climbing onto the property ladder and lower salaries, as well as the financial fallout from COVID-19, that has affected many people’s finances across the board, it is in fact millennials – currently people aged between 24 and 40 – who are some of the best budgeteers.
Duncan Lamont, head of research at Schroders, points to the 2020 Schroders Global Investor Study, which found investing (outside a pension) was the number one goal for millennials’ disposable income over the next year.
Meanwhile The Guardian has pointed out that research from smartphone-based banking service Revolut shows that 7 out of 10 young adults are regularly putting money aside, with almost £174 a month being saved on average. Showing that UK millennials are “far more savvy” about finances than they are given credit for.
So if you’re young and a woman, evidence shows that you’re part of two groups that are the most responsible with their cash and therefore their future.
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