Women and young saving more than men: NS&I

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Women and people aged 25-34 are saving a larger proportion of their income than men and older people, National Savings & Investments says.

Across the board Britons are saving 7.17% of their monthly income, or an average of £90, compared to 7.08% in the last quarter, according to NS&I's Quarterly Savings Survey.

The provider said women and young people are pulling up the average savings level, with 25- to 34-year-olds saving 8% of their online per month (compared to 7.24% last quarter), and women saving 7.65% (up from 7.36% last quarter and 7.51% last year).

Meanwhile, men on average put away 6.82% of their income each month.

However, according to the Office for National Statistics' 2011 research, men still earn on average 10% more than their female colleagues.

Almost half of younger savings said they use savings goals to motivate themselves to put away money each month, NS&I's survey said.

NS&I retail customer director John Prout said: "It is encouraging to see this improvement in savings over recent months, and it is particularly good to see such motivation from younger people.

"While there are good signs that savings may be on the way up, there is still a long way to go."

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