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Standard surveys savings gender

Older men are more likely to be saving and using an IFA than younger women, according to research by Standard Life.

The survey of 1,500 people, conducted by Experian in July, shows that most 26-35-year-olds think there are better things to spend their money on than saving. But at the same time, more 26-35-year-olds intend to contribute more to their savings in the next 12 months than older investors.

More men than women are saving, with 70 per cent of male respondents contributing to a savings plan compared with 55 per cent of females. Women were also more cautious than men, with 31 per cent thinking now is a bad time to invest in stocks and shares compared with 24 per cent of men.

Respondents in employment were more likely to save in a pension, with 70 per cent actively doing so, compared with 33 per cent outside employment. Those people with a Standard Life pension were more likely to have an IFA (49 per cent) than those who did not not (28 per cent).

Hallmark managing director David Holbrook says: “It is a disappointment that so few young women come through our doors. We tend to see more men than women and females do tend to express more cautious opinions than men. However, when markets are tumbling, women would probably say that is a good thing.”

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