Save money when you spend, and when you save

11 May 2012 16:39:14

Store loyalty cards have become increasingly popular.

Men who regularly shop in the same stores could be getting far more rewards for their loyalty, new research suggests. According to a study by Standard Life, women are reasonably adept at making the most of store loyalty cards, but men have some way to go before they catch up with the fairer sex. However, both sexes need to pay more attention to their savings and remember to make the most of all available tax breaks.

8.8m men turn to loyalty cards
Loyalty cards are now offered by a large number of stores, with Standard Life's Julie Russell claiming they are now "one of the most accepted ways of trying to save while spending". Some 8.8 million men say they make the most of these cards in order to save money while they spend. But this pales in comparison to the 13.8 million women who do the same and suggests that men could be saving much more by carrying these cards around during their shopping trips.

Recession linked to rise in use
Perhaps unsurprisingly, store loyalty cards have really come into their own in recent years. The first such cards were launched in the 1990s, but many people have only started using them since the beginning of the financial downturn in 2009. Standard Life's 'Financial Efficiency' report found that the number of people who use store loyalty cards has risen by 11% over the past three years. Their growing popularity has been particularly noticeable among 18 to 34-year-olds, with 42% of people in this age group now using loyalty cards, up from just 27% in 2009.

Savvy attitude needs to extend to saving
While the current popularity of store loyalty cards is a sensible approach, Standard Life believes many people need to be savvier when it comes to their savings. Ms Russell pointed out that neither men nor women are particularly good at making the most of tax-free savings. She revealed: "Only a small number (17%) of people say they plan their finances to make the most of tax breaks from tax-efficient long-term savings products such as ISAs and pensions. So I'd encourage people to not just think about how to save money when they spend, but to make the most of any money they are tucking away for the future by being tax efficient with it."

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