More than half of women could be placing themselves under
unnecessary monetary pressures, new research shows.
In a study carried out by the Co-operative Bank it was
revealed that two-thirds (66 per cent) of British females
have not taken the time to invest in an individual savings
account (Isa) as the end of this financial year approaches.
Overall, it was revealed that some 20.3 million women have
not got such an investment vehicle and as such are set to
be the "biggest losers" when it comes to tax-free savings.
Research from the financial services firm also revealed
that 39 per cent of women surveyed stated that, during the
course of an average month, they are unable to place any
money into a savings vehicle. Some 30 per cent, meanwhile,
put a typical amount of 25 pounds away every four weeks.
Overall, just under four-fifths of females claim to be
either "concerned or extremely concerned" about the amount,
or the lack thereof, of cash they have saved for the
future. An estimated 80 per cent are reported to spend an
average of ten hours per week worrying about money.
By saving ineffectively it is possible that consumers could
come under strain when meeting various financial demands in
later life. Such areas could include repaying loans, the
cost of property repairs and buying a car.
Scott McPhail, savings product manager for the Co-operative
Bank, said: "For women, financial planning is absolutely
essential and not a maybe. Women can often retire earlier
and live longer than men, but many are simply not making
enough provision for their futures and are failing to take
advantage of tax-free savings." Mr McPhail added that
although "optimising your tax-efficient benefits" can give
the impression of being a complicated process taking out an
Isa can allow members of both sexes to "ease the financial
strain".
However, research from the financial services firm
indicated that men are much more savvy in terms of handling
their money and preparing for the future. About half of all
males - some 14.2 million - are shown to have an Isa, with
60 per cent of these on track to make maximum use of their
tax-free savings product. Furthermore, it was revealed that
the average man puts 40 pounds away each month for a rainy
day. Meanwhile, one in five of such Britons are nestling at
least 100 pounds on a regular basis.
It was also suggested that more than 12 million Britons are
not at present putting enough cash away for their
retirement, with around 15 per cent of a monthly salary
needed to be invested in order for consumers to maintain
the same level of lifestyle they are currently used to upon
giving up work. Most of these people at risk of
insufficient retirement savings were indicated to be women.
For people worried about their ability to save for the
future, taking out a loan may be of assistance. Although
this represents another area of financial demand by using
it as a means of debt consolidation, consumers can merge
numerous spending commitments into a single affordable
repayment. This may leave them with more disposable income,
money which could then be invested into a savings scheme.
Such a loan could also be of assistance to a significant
number of people as 2008 progresses as Callcredit recently
claimed that the first few weeks of the year will see many
Britons struggle with money as they face up to their heavy
spending during the Christmas and new year period.
----------------------------------------------------
Abbi Rouse writes for All About Loans. Our visitors can
apply online for bad credit secured loans. We also
specialise in the cheapest loans online, and UK
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