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New research indicates that, in the UK, women are better at saving money than men. The Halifax Savings Report found that even though women tend to earn less, they generally manage to save more.

On average, women have £7,981 in savings (40% of the typical gross salary for women) and men have £7,657 (23% of their average income).

Bucking this trend, however, were men in Scotland and the North of England, who were found to be saving more than women in the same regions.

One explanation for women having higher levels of savings is that they have wealthier partners who have transferred money to them for tax purposes. Older women may also often inherit money if they outlive their husbands.

Martin Ellis, an economist at Halifax, said “the difference as a proportion of earnings is quite substantial. Female savers seem to be managing to devote more of their earnings to savings.”

Overall, savings were highest in the South of England, even though people in the rest of the UK are saving a higher proportion of their income. Savers in Hambleton, North Yorkshire, were something of an anomaly, with average savings of £11,316 (46% more than the typical figure in the South). By contrast, the figure in Islington was slightly below the national average, with savers putting away just 12% of their earnings.

Wondering how to keep costs down this Christmas? Keep an eye out for our top winter money-saving tips later this week.

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