Women plan to use savings accounts more in 2010

01 February 2010 09:52:59

Three-quarters of women intend to cut down on impulse buying this year and plan to bolster their savings accounts instead, new research by the Co-operative Bank Savings suggests.

Researchers found that 60% of women expect to spend less on clothes, 41% anticipate buying fewer fashion accessories and 43% plan to eat out less.

Of the 3,000 adults polled on behalf of the savings account provider, 75% of women claimed to have become more financially savvy since the start of the recession.

However, 31% admitted they would not be cutting back on food spending in 2010, while 19% still expect to spend as much money on wine.

John Hughes, director of retail products for the Co-operative Bank, said that women are now "sticking to a budget and paying greater attention to their bank balances".

The expert noted: "Saving can be hard immediately after the festive period, but saving regularly throughout the year can make a big difference in the long run, whether saving for a specific event like a summer holiday or just for a rainy day."

The report follows new research from Birmingham Midshires, which found that the average Briton saved £776 in the three months to January 2010, compared with just £329 in the same period the previous year.

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